UK pork producer Karro Food Group has acquired Young’s Seafood, a British provider of chilled and frozen fish and seafood, reports Insider Media. Karro has been owned by CapVest ever since March 2017.
According to the information, the new group will have sales of about GBP21bn and employ more than 5,000 people across the UK and Ireland. The two companies are said to continue to operate as two separate businesses. However, Karro Group’s executive chair Di Walker will now also serve as chief executive officer of the new group consisting of both companies. He believes that Young’s and Karro are highly complementary businesses and the combined platform will have a strong market position in two important protein categories that are experiencing consistent long-term growth.
Young’s Seafood was initially put up for sale by its former owner Lion/Gem Luxembourg in April 2018. The company has been around since 1805.
“We are delighted to be moving forward with Karro and CapVest and we believe this move 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. The transaction will build an ever-stronger foundation from which we can drive growth, providing exceptional quality fish and stand out innovation to countries around the world,” said Young’s CEO Bill Showalter.