Thai Seafood Supplier Buys $575 Million Stake in Red Lobster
Seafood supplier Thai Union Group PCL purchased a minority stake in Red Lobster for $575 million, the companies reported Monday. The supplier, which is the world’s largest producer of canned tuna, paid $230 million for a 25 percent stake and an additional $345 million for a 24 percent stake that it can convert in 10 years through preferred shares.
Private-equity group Golden Gate Capital, which purchased Red Lobster from Darden Restaurants for $2.1 billion in 2014, will remain the majority owner. Thai Union Group has been involved with the 700-restaurant seafood chain on the supplier level for more than 20