UK: FoodVest acquires Findus
FoodVest holding company, controlled by private equity firm Capvest Equity Partners, has bought Findus from the Scandinavian food manufacturer EQT II for an undisclosed sum.
Findus produces branded frozen products for sale in Scandinavia and France, operating production plants in Sweden, Norway, France and Thailand. The acquisition does not include the UK-based Findus brand.
FoodVest is the holding company for Young's Seafood in the UK. "The acquisition complements FoodVest's existing frozen food interests, allowing it to continue to build its focus on seafood and providing access to new customers and geographies," the company said in a statement.
It should be noted that this acquisition does not include the UK-based Findus brand.
Findus will continue to be led by chief executive, Per Harkjær. The brand will focus on organic growth within its continental markets and delivering operational efficiency throughout its manufacturing base. Young's will continue to operate independently in its existing UK marketplace.
Commenting on the deal, Young's CEO Wynne Griffiths said: "Findus is a successful and well-respected brand within continental Europe and will complement the Young's UK business focus. Although both operations will remain independent, there will no doubt be many opportunities for us to share our expertise."
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