Is Lion Capital breaking up Findus?
London-based private equity firm Lion Capital is looking at breaking up Findus Group, owner of Young’s Seafood Ltd., according to a report in the Financial Times on Friday.
Lion Capital is in talks with two bidders over a sale of Findus’ Nordic operations, which may be worth up to EUR 1 billion (USD 1.4 billion), including debt, reported the London-based newspaper.
The Nordic operations are seen as the jewel in the crown of Findus, as it is a market leader in its segments in Norway, Sweden and Finland. About one-third of Findus’ more than GBP 1.1 billion in overall revenues came from the Nordic region in the past year, while the UK accounted for more than half.
A sale of the Nordic unit would allow Lion Capital to concentrate on an overhaul of the UK business, reported the Financial Times.