Major acquisition creates £1bn-turnover Yorkshire food business

The private equity owner of Karro Food Group has bought Young’s Seafood, creating a Yorkshire-based “multi-protein food business” with more than 5,000 staff.

CapVest bought pork giant Karro two years ago after its Endless-backed transformation and has now acquired the seafood business from Lion/Gem Luxembourg for an undisclosed sum.

It is the second time CapVest has owned Young’s, having run the Young’s Bluecrest business for six years up to 2008.

Karro’s chief executive Di Walker will lead the two businesses, which have combined annual sales of £1.2bn, although they will be operated separately.

Karro Food Group chief executive Di Walker

She said: “Young’s and Karro are highly complementary businesses and the combined platform will have strong market positions in two important protein categories that are experiencing consistent long-term growth.”

Young’s was established in 1805 and has been in Grimsby for more than 50 years. It employs 1,700 people, mainly at its headquarters and Scottish sites.

Its chief executive Bill Showalter said the deal “will be positive for the fish and seafood industry as a whole”

“With CapVest’s existing understanding of our industry, and as part of a multi-protein food group, we will have the opportunity to inspire more consumers to love fish through our fresh, frozen, own-label and branded products,” he said.