Young's Seafood owner announces Greenland Seafood acquisition
Greenland is one of mainland Europe’s largest producers of frozen seafood products and employs approximately 600 people across two manufacturing sites in Boulogne-sur-Mer, France and Wilhelmshaven, Germany. It was formerly part of the Royal Greenland Group until 2013.
Eight Fifty, a multi-protein food group controlled by CapVest Partners, said the deal gave it a significant platform in mainland Europe, complementing its UK seafood division - led by Young’s Seafood.
It also follows Eight Fifty’s recent acquisition of Irish processor and multi-channel supplier of gammon, bacon and sous-vide meat products M&M Walshe Holdings Limited, which trades as RibWorld, Callan Bacon and Stirchley Bacon, in May. The group also includes pork processor Karro Food Group.
Following the acquisition Eight Fifty will have sales of circa £1.7bn and will employ more than 8,000 people across 21 sites in the UK, Ireland and mainland Europe. While predominantly focused on the UK and Irish markets, its exports into Asian, North American and European protein markets are growing. Allan Jensen and Patrick Barinet, who have led Greenland for over 10 years, will remain with the business post-transaction.
'Expertise in frozen seafood'
Di Walker, chief executive of Eight Fifty Food Group and former executive chair of Karro Food Group, commented: “We have long been impressed with Greenland Seafoods’ strong track record, expertise in frozen seafood and long-standing relationships with its customers across Germany, France and the rest of mainland Europe.
“We’re delighted to welcome Greenland into the Eight Fifty Food Group and look forward to continuing our growth journey with them as part of our expanding portfolio.”
Jensen commented: “Greenland is passionate about delivering the best seafood products for our customers. In Eight Fifty we recognise a partner which shares this vision and matches our ambitions for further growth. We look forward to the next stage for Greenland as part of the Eight Fifty Food Group family.”
Jason Rodrigues, partner, CapVest, said: “Greenland represents a major step for Eight Fifty Food Group into mainland Europe, and this transaction is consistent with our ambitious strategy to pursue acquisition-led growth opportunities aimed at positioning Eight Fifty as a market leading European food group. Greenland has the potential to serve as Eight Fifty’s platform for further acquisitions in European seafood as well as other complementary products.”
The transaction is subject to standard closing conditions and approval from the German, French and Polish competition authorities.
