French seafood-to-desserts group Labeyrie Fine Foods has said it wants to grow its sales by 50% by 2020.

The company, which counts private-equity firm Pai Partners and Basque food co-operative Lur Berri as major shareholders, has confirmed a target of hitting turnover of over EUR1.2bn (US$1.5bn) by the start of the next decade.

In an interview in Le Figaro, Labeyrie CEO Xavier Govare said the company plans to invest more than EUR100m in production and R&D in the next five years to help grow the business.

Govare also indicated the company’s willingness to make acquisitions. Pressed by just-food on Labeyrie’s acquisition targets, a spokesperson said: “Labeyrie Fine Foods did not specify the types of companies it is looking but they will provide additional expertise to the products currently offered by the group.”

The growth plans come three months after Labeyrie confirmed PAI had invested in the business. PAI and Lur Berri both own 42.5% of the company, with management holding the rest of the company’s shares.