Young\’s Seafood owner moves into Europe
THE owner of Young’s Seafood is poised to make a significant move into the European market.
The Eight Fifty Food Group, the leading multi-protein food group controlled by the private equity firm CapVest Partners LLP announced the acquisition of Hamburg based AliSa International GmbH, trading as Greenland Seafood for an undisclosed figure.
Greenland Seafood is one of mainland Europe’s largest producers of frozen seafood products and employs approximately 600 people across its two manufacturing sites in France and Germany.
The business gives Eight Fifty a major Continental platform, complementing the Group’s existing UK seafood division, led by Young’s Seafood, one of the UK’s largest buyers of salmon.
The Greenland Seafood move follows Eight Fifty’s recent acquisition of Irish processor and multi-channel supplier of gammon, bacon and sous-vide meat products M&M Walshe Holdings Limited, which trades as RibWorld, Callan Bacon and Stirchley Bacon, in May.
Following the acquisition Eight Fifty will have sales of circa £1.7 billion and employ more than 8,000 people across 21 sites in the UK, Ireland and mainland Europe. Allan Jensen and Patrick Barinet, who have led Greenland for over 10 years, will remain with the business post-transaction.
Di Walker, CEO of Eight Fifty Food Group, said: “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. 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.”
Allan Jensen added: “Greenland is passionate about delivering the best seafood products for our customers. In Eight Fifty we recognise 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.”
Jason Rodrigues of CapVest Partners, said: “Greenland represents a major step for Eight Fifty Food Group into mainland Europe, and 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.”
The transaction is subject to standard closing conditions and approval from the German, French and Polish competition authorities.
The German factory at Wilhelmshaven produces 1.3 million fish meals a day, while the French site in Boulogne, was acquired in 2016 and produces tailor-made fish specialities.
