Facilities belonging to Young's Seafood. (Photo: Young's Seafood)

Three interested parties in buying Young's Seafood

Young's Seafood sale, which has attracted interest from private equity and rivals in the seafood sector, is expected to be completed in September and fetch GBP 200 million (USD 255 million).

The deal is said to be pursued by former private equity owner CapVest -- former owner of Young's--, Japan’s Mitsubishi Corporation and UK Fisheries, The Telegraph reported.

Investment house Stamford Partners has been handling the sale process.

CapVest intends to rebuy Young's Seafood a decade after having sold it in 2008 to private equity owners Lion Capital, Bain Capital and HPS Investment Partners.

Mitsubishi is attempting to bring the company under the same banner as canned fish manufacturer Princes Foods while 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. Its current owners, Lion Capital, Bain Capital and HPS Investment Partners, are eyeing an exit after a decade in charge. The three investment funds bought the business from CapVest in a GBP 1.1 billion (USD 1.4 billion) , which included the Findus brands.

Lion went on to break up the operation in 2015, striking a GBP 500 million (USD 638 million) deal to sell the European arm of Findus to Birds Eye owner Nomad Foods, leaving it with the Young’s operation in the UK.

Founded in 1805, Young’s employs around 2,000 staff and has registered annual sales growth by 5 per cent to GBP 523 million (USD 667.6 million), according to its latest results.

Related article:

- Open bidding process for Young's Seafood sales announced

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Address:	Ross House, Wickham Road
City:	Grimsby
State/ZIP:	England (DN31 3SW)
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