TU Steps Up to “Red Lobster”’s Largest Shareholder, Expecting a Significant Growth
TU Becomes “Red Lobster”’s Largest Shareholder, Expecting a Significant Growth and Development

TU Becomes “Red Lobster”’s Largest Shareholder, Expecting a Significant Growth and Development
1 ก.ย. 2563

Thai Union Group Public Company Limited (TU) announced that its U.S. subsidiary, Thai Union Investments North America LLC (TUINA), has acquired the additional 1,040,000 common units which equivalent to 13.68% of common equity interest on an undiluted basis in Red Lobster Master Holdings, L.P. (RLMH). 
 
Prior to this acquisition, TU, through its U.S. subsidiary, TUINA, held, directly and indirectly, 2,500,000 common units and 2,400,000 preferred units of RLMH, an entity that indirectly owns the Red Lobster restaurant business.
 
TU by Executive Committee, which has authorities delegated from the Board of Director, approved TUINA to acquire the additional 1,040,000 common units in RLMH from GGCOF RL Splitter, L.P. (Splitter), a holding entity under Golden Gate Capital Opportunity Fund, L.P. (the Transaction). Apart from the additional acquisition, TUINA enters into a series of other terms and conditions with a consortium of new investors in RLMH, therefore the diluted shareholding will however, not increase above 25% of the total outstanding units on a fully-diluted basis. TUINA will also continue to hold 2,400,000 preferred units (representing 24.00% of the total outstanding units on a fully-diluted basis) of RLMH.
 
After this transaction, TUINA becomes largest shareholder of RLMH, holding 49% of the total shares, and with the synergies with new partner, TU is expecting to drive and accelerate RLMH’s business strategy and increase synergy with TU as a supplier. This exposure to the U.S. seafood restaurant market and distribution platform offers significant opportunities for further growth and development.