The European Commission has cleared the proposed acquisition of Foodvest by private equity firm Lion Capital.

The Commission concluded that the transaction would not substantially impede competition in the European Economic Area.

Foodvest, which owns Young's Seafood and the Findus brand in certain European markets, is engaged in the processing and distributing frozen and chilled food products in the UK, Sweden, Norway, France, Finland and Denmark.

However, Lion also controls Vaasan & Vaasan, which is active in the manufacture of bakery products and bake-off products in Scandinavia.

The Commission found that the parties' activities overlap only "to a minor extent" in the supply of cake products in Finland and Norway and in the supply of ready-to-bake products in Finland, Norway and Sweden.

"Considering the parties' market shares, the marginal overlaps and the remaining competitors, the Commission concluded that the transaction would not give rise to competition concerns in the EEA in any of the markets concerned," the European Commission said.