Young’s Seafood parent company acquires Greenland Seafood, establishing a “significant platform in mainland Europe”
Eight Fifty Food Group, the parent company of Young’s Seafood Limited and Karro Food Group, has purchased Hamburg, Germany-headquartered AliSa International GmbH, which trades as Greenland Seafood.
The multi-protein food group, which is controlled by CapVest Partners LLP, announced that it is acquiring Greenland Seafood for an undisclosed amount on Friday, 16 October. Regarded as one of mainland Europe’s largest producers of frozen seafood products, Greenland Seafood employs approximately 600 people across its two processing sites in France and Germany.
The acquisition expands Eight Fifty’s platform in mainland Europe significantly, it said in a press release, and serves to complement the enterprise’s existing U.K. division, captained by Young’s Seafood.
“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,” Eight Fifty Food Group CEO Di Walker said in a press release. “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.”
The purchase of Greenland Seafood follows Eight Fifty’s May acquisition of M&M Walshe Holdings Limited, an Irish processor and supplier of gammon, bacon, and sous-vide meat products traded under the RibWorld, Callan Bacon, and Stirchley Bacon banners.
Once this latest acquisition is finalized, Eight Fifty will have sales of “circa GBP 1.7 billion [USD 2.1 billion, EUR 1.8 billion] and employ more than 8,000 people across 21 sites in the U.K., Ireland, and mainland Europe,” it said. SeafoodSource reported in September that the company had annual sales of approximately GBP 1.4 billion (USD 1.8 billion, EUR 1.5 billion), with around GBP 550 million (USD 705.1 million, EUR 602.5 million) generated by Young’s.
Greenland Seafood leaders Allan Jensen and Patrick Barinet, who have been at the helm of the company for over 10 years, will remain with the business post-transaction, Eight Fifty confirmed.
“Greenland is passionate about delivering the best seafood products for our customers,” Jensen said. “In Eight Fifty, we recognize 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.”
CapVest Partner Jason Rodrigues said the Greenland Seafood acquisition signifies “a major step for Eight Fifty Food Group into mainland Europe,” adding that “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,” Rodrigues said.
The deal is subject to standard closing conditions, Eight Fifty said, as well as approval from the German, French, and Polish competition authorities.
Last month, Eight Fifty closed in on appointing JP Morgan and Jefferies to help it land a London Stock Exchange listing, according to media reports. Earlier in September, the company entered talks regarding preparations for an initial public offering (IPO), Sky News reported. No formal decision has been announced yet regarding the company proceeding with a flotation.