Connors Bros. - Onex Falcon

Connors Bros.

Business Description:

Connors Bros. is one of the largest worldwide producers of canned seafood and participates in virtually all product lines of the US and Canadian canned seafood markets. The Company produces and markets canned and pouched tuna, salmon, sardines, clams and other specialty products that are sold under the Bumblebee, Clover Leaf, Brunswick, Snow’s and Beach Cliff brands. Under the Bumblebee brand, which has been in existence for over 100 years, Connors Bros. enjoys a leading market position in the US albacore canned tuna category.

Falcon Solution:

Falcon provided a junior capital solution in support of a private equity group’s take-private of Connors Bros. Income Fund, a publicly traded holding company. Falcon structured and led a creative participating preferred stock financing to supplement the common equity provided by management and the private equity group.

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Investment Date:

NOV 2008

Transaction Type:

Buyout, Take Private

Industry:

Branded seafood

Sponsor:

Private equity group

Securities:

Participating preferred stock and common stock

Financial Challenge:

Take-private transaction at beginning of financial market crisis

Exit Date:

December 2010