Food group looks to hook stock market listing
Eight Fifty Food Group is reportedly lining up bankers as it looks to hook a stock market listing in 2021.
The Malton-based business which owns Young’s Seafood and Karro is understood to be close to appointing JP Morgan and Jefferies to work on its IPO, according to Sky News, despite a formal decision to proceed with floating the company yet to be made.
The business which is owned by private equity firm CapVest acquired Karro in 2017 following an Endless-backed transformation and Young’s in July 2019, which resulted in a business with a turnover of more than £1bn. The acquisition of Young’s also marked the second time the private equity business had owned the brand having previously run the Young’s Bluecrest business for six years until 2008.
The business has continued to look at growth opportunities acquiring M&M Walshe Holdings a global supplier of pork, bacon and sous-vide meat for an undisclosed consideration in May this year, with its website suggesting the group plans further acquisitive growth stating: “[the group] represents the unity of land and sea, with Karro, Young’s and future acquisitions”.
Sky News added that when asked about a potential IPO earlier in September, a spokesperson for the business declined to comment, stating “As a major food group” it was focused on providing “great food to customers” but that the business was ambitious excited about the “consistent long-term growth” of both the pork and seafood markets.