The company that owns Young’s Seafood could be preparing to float on the London Stock Exchange, according to reports.
Eight Fifty Food Group, which owns Grimsby, United Kingdom-based Young's and also pork processing business Karro Food Group, is in talks with investment bankers about starting preparations for an initial public offering (IPO), said Sky News.
If it goes ahead, a listing would take place next year at the earliest, the broadcaster advised, adding that people close to the situation have cautioned that there was no definitive timetable.
Eight Fifty is itself owned by the private equity firm CapVest Partners. The group has annual sales of approximately GBP 1.4 billion (USD 1.8 billion, EUR 1.5 billion), with around GBP 550 million (USD 706.1 million, EUR 600.3 million) generated by Young’s.
CapVest owned Young’s between 2002 and 2008. As reported by SeafoodSource, it re-purchased the business in July last year, aligning it with Karro under the new multi-protein umbrella Eight Fifty.
Earlier this year, Eight Fifty acquired Irish meat processor M&M Walshe Holdings for an undisclosed sum, with the business set to be integrated into its pork division.
The group employs more than 7,500 people across 19 sites in the United Kingdom and Ireland combined.
