The acquisition of Paramount Seafoods followed an internal strategic review of the seafood market in Australia and New Zealand and of opportunities for growth in Southern Hemisphere markets.
The Paramount brand is a long established retail brand with a reputation for quality and value across a range of seafood products. Paramount is the number 2 proprietary brand in canned salmon, and has a small market position in New Zealand.
Paramount Seafoods is primarily a sales and marketing business. As part of the transaction, FNPL has acquired ownership of the Paramount brand in Australia and New Zealand and the rights to extend the brand throughout Asia.
Paramount Seafoods has a history of developing and launching new products in value-added tuna and salmon. The strategic alliance with Bumble Bee Seafoods has been structured to provide ongoing product innovation in the supermarket and food service markets.