Lion Capital, the UK-based private equity group, is to buy the owner of Young’s Seafood and frozen food firm Findus, it was announced this morning (22 July).
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The sale of Foodvest follows speculation over the future of the business this weekend that linked Permira, the owner of Birds Eye, to a possible bid for the company.
Foodvest comprises Young’s, the UK’s largest branded seafood group, The Seafood Company, a producer of private-label seafood and the continental operations of Findus, the leading frozen food business in Scandinavia.
Foodvest was formed earlier this year after its private equity owners, UK-based CapVest, decided to join Young’s and Findus under a new holding company.
CapVest, which bought Young’s in 2002 and Findus in 2006, had largely run the businesses separately and wanted to bring the operations together in the face of rising commodity costs.
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By GlobalDataFoodvest chief executive Per Harkjaer said the change in ownership was the “logical next step” in the development of the business.
Harkjaer added: “Lion Capital’s specialist consumer experience will be helpful in taking the business to the next level.”
