Three-way battle for £200m Young’s Seafood deal

Young’s Seafood has become the subject of a three-way bid battle as a potential £200m sale of the Grimsby-based frozen food manufacturer nears completion.

According to The Telegraph, former private equity owner CapVest, Japan’s Mitsubishi Corporation and UK Fisheries are understood to be pursuing a deal.

The sale is expected to be complete by September and could fetch between £170m and £200m, but the timetable and bidders may change.

Boutique investment house Stamford Partners has been handling the sale process, which has attracted interest from private equity and rivals in the seafood sector.

A swoop by CapVest would mark a reunion with Young’s, which employs around 2,000 staff, after it offloaded the business 10 years ago.

Mitsubishi is attempting to bring the company under the same banner as canned fish manufacturer Princes Foods. UK Fisheries is an organisation formed of parties who own quotas to catch white fish.

Young’s formally announced it was up for sale in April. Private equity owners Lion Capital, Bain Capital and HPS Investment Partners are eyeing an exit after a decade in charge.

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