American Seafoods to acquire Southern Pride

July 1, 2003
American Seafoods Group LLC has reached an agreement to acquire Southern Pride Catfish Inc of Greensboro AL. Under terms of the agreement, Seattle WA-based

American Seafoods Group LLC has reached an agreement to acquire Southern Pride Catfish Inc of Greensboro AL.

Under terms of the agreement, Seattle WA-based American Seafoods Group will purchase substantially all the assets of Southern Pride. The acquisition will be accounted for as a purchase transaction and will be subject to customary closing conditions and further due diligence. The existing management team, led by founder, Joe T Glover Jr, is expected to continue to manage Southern Pride's day-to-day operations.

Southern Pride, with processing centers in Greensboro and Demopolis AL, was founded in 1986 and presently employs more than 750 people. Southern Pride reportedly is the largest processor of farmed raised catfish in the United States with annual sales in excess of $100 million.

American Seafoods Group is involved in harvesting, at-sea processing, preparation, and supply of seafood.

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