LUNENBURG, NOVA SCOTIA — High Liner Foods Inc. is acquiring the Mrs. Paul’s and Van de Kamp’s businesses from Conagra Brands Inc., Chicago, for $55 million.  

High Liner Foods is a North American processor of value-added seafood. The company currently co-manufactures products for both Mrs. Paul’s and Van de Kamp’s at its US manufacturing plants.

“This is a highly strategic and compelling opportunity for High Liner Foods that will serve as a catalyst for further growth in the US retail market,” said Paul Jewer, president and chief executive officer of High Liner Foods. “By taking full ownership of these well established and respected brands, we will capture additional value for our shareholders and ensure a seamless transition for existing customers. We look forward to offering choice and value to an expanded portfolio of customers and consumers in the growing US market.”

The sale is the second divestment Conagra Brands has made during the past few months. In early May, the company said it was selling its Chef Boyardee business to Hometown Food Co. for $600 million.

“This divestiture reflects our continued commitment to reshaping our portfolio and investing where we see the best opportunities for growth and innovation,” said Sean Connolly, president and CEO of Conagra Brands. “Van de Kamp’s and Mrs. Paul’s operate largely as a stand-alone seafood business, and this divestiture allows us to further focus our efforts on strengthening our core frozen offerings.”

Both Mrs. Paul’s and Van de Kamp’s compete in the US frozen breaded and battered seafood category. High Liner Foods said high consumer awareness of the brands in the United States will allow it to leverage the brands’ equity expand distribution.

“This strategic transaction is one example of the steps we are taking to position High Liner Foods for future growth, leveraging our healthy balance sheet today to secure profitable volume and incremental growth for years to come,” Jewer said. “We have a clear line of sight to significant synergies that will strengthen our performance over time through operational efficiencies and incremental sales opportunities.”