Young’s Seafood has become the subject of a three-way winner-takes-all fight as the potential £200m sale of the frozen food manufacturer looms.
Former private equity owner CapVest, Japan’s Mitsubishi Corporation and UK Fisheries are understood to be pursuing a deal according to the Telegraph.
The sale is expected to be complete by September and could fetch between £170m and £200m, the publication said. The company recorded a turnover of £496.5million last year and booked earnings of £21.2 million, according to accounts filed at Companies house.
Boutique investment house Stamford Partners are handling the sale process.
Mitsubishi – which owns Cermaq – is attempting to bring the company under the same banner as canned fish manufacturer, Princes Foods. UK Fisheries Ltd. is in joint ownership of Onward Fishing Company and a daughter company of Parlevliet & Van Der Plas B.V. in The Nederlands. CapVest who sold the business 10 years ago is also involved in the battle.
Young’s was acquired by its current owners from CapVest in 2008 as part of a £1.1 billion takeover that also included the Findus brands.
Lion broke up the operation in 2015, with a £500 million deal to sell the European arm of Findus to Birdseye-owner Nomad Foods, leaving it with the Young’s operation in the UK.
The seafood company formally announced it was up for sale in April.
Private equity owners Lion Capital, Bain Capital and HPS Investment Partners are now looking for an exit after 10 years in charge.