Young’s Seafood’s owner swoops for major European fish firm
DEAL TAKES EIGHT FIFTY FOOD GROUP TO SALES OF £1.7 BILLION WITH 8,000 STAFF
THE parent company of Young’s Seafood has swooped for a substantial European fish business in a major sector deal. Hamburg-headquartere Greenland Seafood has been bought by Eight Fifty Food Group.
It is one of mainland Europe’s largest producers of frozen seafood, employing more than 600 people, with manufacturing sites in France and Germany. High growth discount retailer Lidl is understood to be the lead customer.
The undisclosed deal is described as giving the company a
“significant platform in mainland Europe, complementing the group’s existing UK seafood division, led by Young’s Seafood”. Greenland is the trading name of AliSa International, and the acquisition will propel Eight Fifty to sales of £1.7 billion, with 8,000 staff across 21 sites.
Di Walker, chief executive of Eight Fifty Food Group, said: “We have long been impressed with Greenland Seafoods’ strong track record, expertise in frozen seafood and long-standing relationships with its customers across Germany, France and the rest of mainland Europe.
“We’re delighted to welcome Greenland into the Eight Fifty
Food Group and look forward to continuing our growth journey with them as part of our expanding portfolio.”
Joint managing directors Allan Jensen and Patrick Barinet, who have led Greenland for more than a decade, will remain with the business post-transaction. Mr Jensen said: “Greenland is passionate about delivering the best seafood products for our customers. In Eight Fifty we recognise a partner which shares this vision and matches our ambitions for further growth. We look forward to the next stage for Greenland as part of the Eight Fifty Food Group family.”
Eight Fifty is controlled by Capvest Partners, an investment house that previously owned Young’s. They were reunited when the Grimsby-headquartered UK market leader was brought together with pork specialist Karro, which has significant operations in Scunthorpe, last year.
In May, Eight Fifty added Irish processor and multi-channel supplier of gammon, bacon and sous-vide meat products M&M Walshe Holdings Ltd, which trades as RibWorld, Callan Bacon and Stirchley Bacon.
Jason Rodrigues, partner at CapVest, said: “Greenland represents a major step for Eight Fifty Food Group into mainland Europe, and this transaction is consistent with our ambitious strategy to pursue acquisition-led growth opportunities aimed at positioning Eight Fifty as a market leading European food group. “Greenland has the potential to serve as Eight Fifty’s platform for further acquisitions in European seafood as well as other complementary products.”
The transaction is subject to standard closing conditions and approval from the German, French and Polish competition authorities.
Young’s had previously been part of the European Findus arm, before it was split and the non-UK element sold. Greenland has a 10 production line operation in Wilhelmshaven on the German North Sea coast employing 400 people, with a further six line site in Boulogne-sur-Mer, added in 2016. A total of 200 people work there, producing breaded, battered and natural fish specialties. It produces and markets more than two million fish-based meals daily. Sales operations are based in Bremen and Paris.