Connors Bros. Income Fund has performed well since its 2004 combination with Bumble Bee Seafoods, says James Scarlett in The Globe and Mail

March 28, 2005

Canada’s corporate law experts are blazing a trail of growth for Canada’s burgeoning trust sector. Their efforts are welcomed by Canadian trusts and their investors, and by U.S. suitors keen to cash in on Canadian demand for yield.

Last year’s landmark US$385 million combination of Connors Bros. Income Fund with California-based Bumble Bee Seafoods is an example. “They have done very well,” says Jamie Scarlett, who led the team acting for Connors Bros. “They’ve made a couple of (subsequent) acquisitions, and the retained interest party has sold its interest down even further. It is going according to plan very nicely.”

Cross-border trust deals like Connors Bros.–Bumble Bee also provide a tax-efficient way for U.S. businesses to raise capital and for Canadians to invest in the U.S. entities.

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