If you’re a fan of canned tuna, you may have come across the brand Portofino.
Known for their Italian-style Albacore and Yellowfin tuna packed in extra virgin olive oil, Portofino has become a popular choice for those seeking a premium and delectable tuna experience.
But have you ever wondered who owns this brand?
In this article, we’ll explore the ownership of Portofino Tuna and take a closer look at the company behind this delicious product.
So, grab a can of your favorite Portofino tuna and let’s dive in!
Who Owns Portofino Tuna?
Portofino Tuna is owned by a company called Bumble Bee Foods, LLC. Bumble Bee Foods is a well-known American seafood company that has been in operation since 1899. The company is headquartered in San Diego, California and has a long history of providing high-quality seafood products to consumers.
In 2019, Bumble Bee Foods filed for bankruptcy due to financial difficulties. However, the company was later acquired by FCF Co., Ltd., a Taiwan-based global seafood supplier. The acquisition allowed Bumble Bee Foods to continue operating and providing consumers with their favorite seafood products, including Portofino Tuna.
The History Of Portofino Tuna
Portofino Tuna is a relatively new product line introduced by Bumble Bee Foods. The brand was launched in 2017 and quickly gained popularity among seafood lovers. The tuna is packed in extra virgin olive oil with a touch of sea salt, giving it a unique and delicious flavor.
Bella Portofino, the company behind the Portofino Tuna line, is committed to showcasing the exceptional flavor of Italian-style tuna packed in extra virgin olive oil. The products are made with three simple ingredients: wild-caught and hand-selected tuna, extra virgin olive oil, and a touch of sea salt. The brand offers two varieties of tuna: Solid Yellowfin Tuna in Extra Virgin Olive Oil and Solid Albacore Tuna in Extra Virgin Olive Oil.
The tuna used in Portofino Tuna products is hand-selected and wild-caught, ensuring that it is of the highest quality. The brand uses a 100 percent steel, recyclable can for its products, making them eco-friendly and sustainable.
The Acquisition By Bumble Bee Foods
Bumble Bee Foods was acquired by FCF Co., Ltd. for $928 million in 2020 after declaring bankruptcy in November of the previous year. FCF Co. is a privately held company that specializes in the supply chain of tuna products, with fishing bases, shipping agents, traders, and marketers of tuna products worldwide. The acquisition was made possible due to the long-standing relationship between the two companies, which had been supplier-purchaser partners for over 30 years.
The acquisition was seen as an opportunity for Bumble Bee Foods to continue its legacy of delivering innovative, high-quality, and sustainable seafood products to customers. FCF Co. expressed confidence in Bumble Bee Foods’ ability to build on its storied history under the thoughtful leadership of its president and CEO, Jan Tharp. The companies share a commitment to sustainability and global fisheries conservation, making strong collaboration and interaction between them possible for the long term.
Bumble Bee Foods declared Chapter 11 bankruptcy to reduce its debt burden and facilitate the sale. The company’s financial difficulties were attributed to legal trouble due to a federal price-fixing case. In 2017, the company’s management pled guilty for its role in a conspiracy to fix the prices of shelf-stable tuna fish, resulting in a $25 million criminal fine. Since then, Bumble Bee Foods has been the target of class-action lawsuits from retailers, distributors, and consumers.
The acquisition by FCF Co. allowed Bumble Bee Foods to continue providing its consumers with their favorite seafood products, including Portofino Tuna. The company’s global headquarters remains in San Diego, California, and it continues to pursue expansion in the North American and global seafood markets by capitalizing on its low-cost operations, procurement strength, and well-recognized household brand names.
The Bankruptcy And Sale To FCF Fishery
Bumble Bee Foods’ bankruptcy filing in 2019 was a result of significant legal challenges faced by the company. The Department of Justice had been investigating price-fixing in the canned tuna market, and Bumble Bee Foods was one of the companies implicated in the scandal. The company eventually pled guilty and was fined $25 million by the DOJ. Additionally, civil lawsuits were filed against Bumble Bee Foods, resulting in substantial defense costs.
In order to address these financial difficulties, Bumble Bee Foods decided to sell its assets. FCF Co., Ltd. made a stalking-horse bid for the company and ultimately acquired it for $925 million. The sale allowed Bumble Bee Foods to continue operating and providing consumers with their products, including Portofino Tuna.
FCF Co., Ltd. is a global seafood supplier based in Taiwan with a 30-year supplier-purchaser relationship with Bumble Bee Foods. The two companies share a commitment to sustainability and global fisheries conservation, and they will continue to work together on fisheries improvement projects for tuna longline fisheries in the Pacific and Indian oceans. FCF Co., Ltd. has also committed to implementing a new Social Responsibility Program in Taiwan, Mauritius, and Fiji.
Jan Tharp, the president and CEO of Bumble Bee Foods, praised the sale to FCF Co., Ltd., saying that “the right team is in place to transform the company in bold ways.” Tharp will remain at the helm of Bumble Bee Foods moving forward, and FCF Co., Ltd. anticipates strong collaboration between the two companies for sustained growth and leadership throughout the tuna and seafood industries.
The Current Ownership Structure Of Portofino Tuna
As mentioned above, Portofino Tuna is a product line owned by Bumble Bee Foods, LLC. Following Bumble Bee Foods’ bankruptcy in 2019, the company was acquired by FCF Co., Ltd., a Taiwan-based global seafood supplier. As a result, Portofino Tuna is now a subsidiary of FCF Co., Ltd.
It is important to note that despite the change in ownership, Portofino Tuna’s commitment to using high-quality ingredients and traditional Italian-style packing methods remains unchanged. The brand continues to offer premium Albacore and Yellowfin tuna packed in extra virgin olive oil with a touch of sea salt, providing consumers with a delicious and healthy option for their meals.
The Future Of Portofino Tuna And Its Impact On The Canned Tuna Industry
Portofino Tuna, with its Italian-style Albacore and Yellowfin tuna packed in extra virgin olive oil, has become a popular choice among consumers looking for high-quality canned tuna. The brand’s commitment to using simple, quality ingredients has earned it a loyal following among foodies and health-conscious individuals alike.
Despite the challenges faced by Bumble Bee Foods in 2019, the acquisition by FCF Co., Ltd. has allowed Portofino Tuna to continue its presence in the canned tuna industry. As the market for convenience and packaged food products continues to grow, Portofino Tuna is well-positioned to meet the demand for high-quality, healthy canned tuna options.
In addition to its delicious taste and natural ingredients, Portofino Tuna’s commitment to sustainability and eco-friendliness is also a major selling point. The use of 100% steel, recyclable cans not only reduces waste but also appeals to consumers who are increasingly concerned about the environmental impact of their food choices.
