Foodvest acquires Pinneys

Foodvest confirmed Thursday that it agreed to acquire Pinneys of Scotland from Uniq.
 
According to Uniq, the deal is valued at GBP 1 million (USD 1.4 million, EUR 1.1 million) and subject to a working capital adjustment.The acquisition is due to be completed this month.
 
With annual sales of about GBP 50 million (USD 70.5 million, EUR 56.4 million), Pinneys produces fresh and smoked salmon, as well as other seafood products. Founded in 1976, the Annan, Scotland, company supplies smoked salmon to the Queen of England.
 
Pinneys will become part of The Seafood Co., run by Managing Director Pete Ward and his team based in Grimsby, United Kingdom. Foodvest plans to keep Pinneys' management team and 515 employees in place.
 
In addition to The Seafood Co., Foodvest, one of Europe's largest seafood companies, operates Young's Seafood in the United Kingdom and Findus in France, Norway, Sweden and Findland.
 
However, Pinneys hasn't turned a profit in the past four years. In 2007, the company posted an operating loss of GBP 1.1m (USD 1.6 million, EUR 1.2 million) in 2007, gross assets of GBP 19.6 million (USD 27.6 million, EUR 22 million) and net assets of GBP 11.0 million (USD 15.5 million, EUR 12.4 million).
 
The sale allows Uniq to focus on its core market - refrigerated and frozen desserts, salads, sandwiches, dips and dressings for supermarkets throughout Europe. The Buckinghamshire, United Kingdom, company has annual revenues of GBP 736 million (USD 1 billion, EUR 829 million).
 
"We have been working hard over recent years to turn this business around, but have been severely hampered by the significant deterioration in the market," said Uniq CEO Geoff Eaton. "Given the other priorities within Uniq for investment, the Board has concluded that Pinneys of Scotland can no longer be viewed as part of the long-term strategic direction of the Group. Finding a buyer is the best outcome for all parties."

Subscribe

Want seafood news sent to your inbox?

You may unsubscribe from our mailing list at any time. Diversified Communications | 121 Free Street, Portland, ME 04101 | +1 207-842-5500
None