Owners considering sale of Young’s Seafood
The owners of Grimsby, United Kingdom-based Young’s Seafood are rumored to be pursuing a sale of the UK-based frozen, fresh, and chilled seafood distributor, according to U.K.'s Press Association.
Lion Capital, Bain Capital, and HPS Investment Partners have allegedly partnered with investment firm Stamford Partners in an effort to sell off their ownership shares of the British seafood giant, the news service reported.
Young’s was acquired by its current owners in 2008 from CapVest for GBP 1.1 billion (1.4 billion, EUR 1.2 billion), in a massive purchase that also included the Findus brands. In 2015, the European arm of Findus was sold off by Lion Capital to Nomad Foods, which owns the Birds Eye brand, for GBP 500 million (USD 666 million, EUR 567 million).
Accounts on file at U.K. business registrar the Companies House reveal that Young’s posted sales of GBP 496.5 million (USD 662 million, EUR 563 million) in 2016, with earnings amounting to GBP 21.2 million (USD 28.2 million, EUR 24 million).
Since the Findus sale, Young’s – which was founded in 1805 by Elizabeth Young and her family – has embarked on its own expansion into the United States through a partnership with Pennsylvania-based The Fishin’ Company. The partnership, which is ongoing, will launch seven new Young’s Seafood products into the U.S. market.