A seafood company based in Grimsby for over 50 years has been sold to an international private equity firm for an undisclosed sum.
Young’s Seafood, which was founded in 1805 and employs around 1,700 people in the North East Lincolnshire town, was put up for sale in April.
It has now been sold to CapVest, who already own pork processing company Karro. CapVest announced the creation of a multi-protein food group after Karro Food Group, which has been owned by CapVest since 2017, reached an agreement to acquire Young’s Seafood Limited.
CapVest plans to operate Karro and Young’s both as separate businessses within an enlarged group.
The new group will have sales of around £1.2 billion and employ more than 5,000 people across the UK and Ireland.
Di Walker, who is the current executive chair of Karro, has been appointed CEO of the new group.
She said: “Today’s agreement will provide both businesses with the opportunity to further develop and broaden our relationships with our key partners.”
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