Young's eyes China amid sale speculation

YOUNG\’S Seafood is looking to China and Europe as its next move on the international stage, its CEO has confirmed.
As products from the Grimsby and Scottish based business began to make their debut across hundreds of stores in the United States this week, company chief Bill Showalter confirmed his latest global aspirations.
Speaking to the Press Association, Showalter (pictured) said: ‘We see China as a big opportunity. As we speak, we are exploring discussions with partners in that market and we would look to deploy a similar model to the one that we are using in the United States. Continental Europe is probably next on our list.’
Meanwhile, speculation continues to mount about the future ownership of the company. The latest possible contender is believed to be the Japanese industrial giant Mitsubishi Corporation.
Mitsubishi paid $1.4 million for the Norwegian salmon farming company Cermaq in November 2014 and also owns Princes Seafood, which sells canned tuna and salmon.
It was just over a month ago that the Press Association reported Young\’s investment owners Lion Capital, Bain Capital, and HPS Investment Partners were considering a sale of the business.
So far there has been no comment from either side but reports suggest an auction sale process could get under way in March.
The business of selling products overseas has gathered momentum three months after Young\’s announced a partnership deal in the US with a distribution organisation known as the Fishin\’ Company.
More than 4,000 stores, including Walmart, are taking its products. It was just over a year ago that Young\’s decided to expand overseas by appointing an international sales director.