who owns portofino tuna

Who Really Owns Portofino Tuna? Unpacking the History and Ownership of This Popular Canned Tuna Brand

With its delicious Italian-style tuna packed in extra virgin olive oil, Portofino has become one of the most popular high-end canned tuna brands on the market. But when you pick up a can of this premium tuna do you ever wonder exactly who is behind this tasty product?

In this comprehensive guide, we’ll explore the full history and ownership structure of Portofino Tuna. We’ll look at how this iconic brand went from a small startup to bankruptcy and acquisition by a global tuna conglomerate. Read on to learn all about the past, present and future of this beloved canned tuna company.

The Origins of Portofino Tuna

Portofino Tuna was launched in 2017 by Bumble Bee Foods, the well-known 120-year old American canned seafood company. Bumble Bee saw an opening in the market for a premium Italian-style tuna packed in extra virgin olive oil and created the Portofino brand to fill this niche.

The tuna used in Portofino products is wild-caught and hand-selected to ensure the highest quality. It comes packed in olive oil with just a touch of sea salt, giving it a simple, clean flavor profile. Portofino offers both Albacore and Yellowfin tuna varieties in this delicious olive oil packing.

The brand name Portofino evokes the seaside charm of an Italian fishing village. With its focus on quality ingredients and authentic flavor, Portofino Tuna aimed to provide a first-class canned tuna experience for discerning palates.

Early Popularity and Growth of Portofino

The Portofino brand quickly earned praise and popularity after its launch. Food critics and tuna lovers alike applauded the delicate olive oil packing and fresh, mouthwatering taste of Portofino Tuna. It was clear Bumble Bee had succeeded in creating a premium product that stood out in the canned tuna market.

As word spread, Portofino found its way into more pantries, restaurants and gourmet food stores. By avoiding flashy marketing campaigns and letting the exceptional quality speak for itself, the brand gradually built up devoted following. Portofino Tuna established itself as the canned tuna of choice for foodies looking for restaurant-quality flavor in a convenient shelf-stable package.

Bumble Bee Troubles Lead to Bankruptcy

However, Portofino’s parent company Bumble Bee Foods hit turbulent waters in 2017 when its top executives pled guilty in a federal price-fixing investigation. The Department of Justice fined the company $25 million for its role in fixing prices of canned tuna.

Bumble Bee also became the target of numerous civil lawsuits from retailers, distributors and consumers related to the price-fixing charges. The costs of legal defense and mounting debts ultimately forced Bumble Bee into bankruptcy in 2019.

While Portofino Tuna itself was never implicated in the price-fixing scandal, its fate was tied to the struggles of parent company Bumble Bee. Despite Portofino’s popularity and sales growth, Bumble Bee filed for Chapter 11 bankruptcy protection to restructure its finances and debts under court supervision.

Acquisition by Tuna Industry Giant FCF

With Bumble Bee Foods in dire financial straits, its assets went up for sale in bankruptcy court. That’s when FCF Co., Ltd., a global frozen and canned tuna supplier based in Taiwan, stepped in to purchase the company in 2020 for $928 million.

FCF already had a 30+ year supplier-buyer relationship with Bumble Bee, so it was a natural fit for them to acquire the struggling tuna company. As one of the “big three” international suppliers of canned tuna along with Thai Union and StarKist, FCF had the resources and leverage to keep Bumble Bee afloat.

The acquisition allowed FCF to further expand its reach in the North American market. It also ensured the continuation of beloved Bumble Bee brands like Portofino Tuna. Under its new ownership, fans of Portofino could breathe a sigh of relief knowing that this prized product would still be on grocery store shelves.

Current Ownership Structure of Portofino

Today, Portofino Tuna sits under the large tuna umbrella of Taiwan-based FCF Fishery Co. Ltd., part of the FCF Co. conglomerate. The ownership structure is as follows:

• Parent Company: FCF Co., Ltd.
  • FCF Fishery Co., Ltd.
    • Bumble Bee Foods, LLC
      • Portofino Tuna

So while the iconic Portofino brand is still based in the U.S. and retains its focus on Italian-inspired flavor, ultimate ownership lies with the global seafood giant FCF.

It’s a far cry from Portofino’s early days as a small startup trying to break into the premium canned tuna segment. But the backing of a tuna titan like FCF ensures that Portofino has the resources and supply chains to continue thriving internationally.

What Does the Future Hold for Portofino?

Under FCF’s stewardship, the future looks bright for Portofino Tuna. FCF has committed to preserving Bumble Bee’s legacy of quality and innovation. The tuna conglomerate sees value in maintaining Portofino as a high-end brand that attracts health and flavor-conscious consumers.

With FCF’s global tuna supply network, Portofino may even be able to expand into new product lines and markets overseas. The brand could follow in Bumble Bee’s footsteps with innovative offerings like tuna pouches, salmon packs, or premium pet food featuring Portofino’s signature olive oil tuna.

FCF also brings vast resources to invest in sustainability initiatives that are increasingly important to tuna buyers. Bumble Bee has already made commitments to dolphin-safe fishing practices and traceable supply chains. Portofino is likely to double down on environmental stewardship and responsible sourcing under FCF leadership.

Tuna market analysts predict continued growth for shelf-stable and pouched tuna products as consumer demand increases for healthy, convenient protein. As a premium brand in this space, Portofino Tuna is poised to serve those hungry for great-tasting and nutritious canned seafood.

The Bottom Line: Who Ultimately Controls Portofino Tuna

However, FCF seems committed to maintaining the premium quality and standards Portofino is known for. With smart leadership and investment, they may even expand Portofino’s horizons in exciting new directions.

So next time you crack open a can of delicious Portofino Albacore or Yellowfin tuna packed in olive oil, know that you have a Taiwan-based tuna titan to thank for this exceptional product landing in your kitchen pantry. Wherever it sails from here, Portofino Tuna’s voyage is sure to remain focused on providing a first-class gourmet tuna experience.