Sofina Foods strikes deal with Young’s Seafood owner Eight Fifty Food Group
30 Mar 2021 --- CapVest Partners LLP, an international private equity firm, has agreed on the sale of Eight Fifty Food Group to Sofina Foods, a Canadian multi-protein producer. The terms and conditions of the sale have not been disclosed.
CapVest acquired Karro Food Group, a UK pork processor, in 2017. CapVest and Management subsequently acquired iconic seafood business Young’s Seafood in 2019 to create Eight Fifty Food Group.
Eight Fifty later consolidated five other protein businesses from across Europe to create what is currently considered one of the leading European multi-protein specialists.
Pork and seafood suppliers
Sofina Foods is one of Canada’s largest food producers and has a 25-year history of acquisitions and growth. The company manufactures primary and further processed protein products for both retail and foodservice customers Its brands are staples in Canadian households and include Cuddy, Lilydale, Janes, Mastro, San Daniele, Fletcher’s, Vienna and Zamzam.
Eight Fifty is a supplier of both branded and own-label seafood and pork. The pork division is one of the largest processors and suppliers of products across the UK and Ireland.
The seafood division is the largest provider of chilled and frozen products across the UK, including the Young’s brand, and is a major player in frozen seafood across Germany and France.
The Group employs around 8,300 people, across 23 manufacturing sites. The business will remain under the leadership of Di Walker and will complement Sofina Foods existing North American platform.
Acquisitions and expansions
As Europe’s multi-protein specialist, Eight Fifty will continue to provide sustainable, high-quality food products while focussing on growth, according to the company.
“We began this journey as a UK-only pork supplier doing less than £500 million in sales and after several years of transformational organic and acquisitive progress are now the European multi-protein specialist with over £2 billion in sales,”says Di Walker, CEO of Eight Fifty.
Michael Latifi, founder and executive chairman of Sofina Foods, adds: “This acquisition allows Sofina Foods to continue on our path of ambitious expansion. Sofina Foods is one of Canada’s largest food producers and we have created a solid global foundation for continued growth. With a history of excellence in food production and processing spanning over 25 years, the strong brands of Eight Fifty Food Group align perfectly with our prominent brands and our shared future vision.”
The new company will have over 13,000 employees globally across 44 sites and near US$6 billion in annual revenue.
The transaction is subject to approval from regulatory authorities.
Edited by Gaynor Selby
