Seafood firm owners cast out net for buyers

THE PRIVATE equity owners of Young’s, one of Britain’s biggest seafood brands, is understood to be exploring a multi-millionpound sale.

It has been reported that Lion Capital, Bain Capital and HPS Investment Partners (UK) are working with small specialised investment house Stamford Partners on a potential exit.

Grimsby-based Young’s Seafood, which has a history dating back 200 years, recorded turnover of £496.5m last year and booked earnings of £21.2m, according to accounts filed at Companies House.

Young’s was acquired by its current owners from CapVest in 2008 as part of a £1.1bn takeover that also included the Findus brands. Lion broke up the operation in 2015, striking a £500m deal to sell the European arm of Findus to Birds Eye owner Nomad Foods, leaving it with the Young’s operation in the UK.

Young’s is in the midst of a US expansion drive after partnering with Pennsylvania-based frozen fish supplier The Fishin’ Company.

The Yorkshire firm was founded by Elizabeth Young and her family in 1805 and has a wide range of frozen food products including the Gastro and Chip Shop range, ready-meal fish pies and shellfish. Young’s headquarters are based at Grimsby fish docks, where it also has a manufacturing and product development operation. In total, Young’s employs about 1,700 staff across seven sites. Any deal for the business would come at a crucial time for the UK fishing industry as it awaits clarity on how Brexit will impact the sector.

Young’s Seafood and Lion Capital declined to comment