In a major deal announced today, Young’s has acquired The Seafood Company from Fishery Products International (FPI, based in Newfoundland), for an undisclosed sum. Young’s is part of FoodVest - which also owns Findus in continental Europe - and is backed by private equity firm, CapVest.

The Seafood Company is a specialist UK shellfish business comprised of Anchor Seafood (based in Handcross, west Sussex) and The Cromer Crab Company (based in Cromer, north Norfolk). It is a highly regarded player in the UK shellfish industry and achieved growth of some 30% in the past 12 months. The business employs 283 people and has annual sales worth around £70M.

The acquisition is complementary to the Young’s business in terms of product sectors and customer relationships. Chief executive of Young’s, Wynne Griffiths, says, “We are acquiring a very positive combination of skills and capabilities that enhances Young’s current resources and brings us valuable additional expertise. Shellfish is one of the fastest growing sectors of the UK fish market and The Seafood Company is a highly respected player with excellent facilities.”

The Seafood Company group MD, Terry Ennis, says, "Our team is very excited about joining the Young's family and looking forward to the opportunities this provides to better serve our customers and continue to grow our business. Young's commitment to the environment, sustainable fishing and responsible sourcing is a great fit with our own values.”

The Seafood Company supplies a wide range of frozen and chilled shellfish products for the retail, foodservice and industrial markets. It has a well-developed supplier base from around the world and is recognised for its ethical sourcing approach. Anchor Seafoods specialises in sourcing frozen prawns and other shellfish products whilst The Cromer Crab Company is a highly specialist chilled producer using both imported and UK-caught crab, lobster and prawn and other shellfish.

The intention is to maintain The Seafood Company as a stand-alone operation within the Young’s group, so that it can continue to focus on its own key customers.
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Key facts

The Seafood Company
Turnover: £70M.
Background: The Seafood Company was formed in December 1995 in a management buyout of the Anchor Seafoods and Cromer Crab company businesses from Perkins Foods plc. In September 2005, it was acquired by Fishery Products International (FPI), headquartered in Newfoundland, Canada.

Employees:
283, based Sussex (50) and Norfolk (233).

Products:
Anchor sources a wide range of frozen prawns and other shellfish products from around the world. The Cromer Crab Company has a 25 year history and is focused on chilled shellfish, both imported and UK-caught shellfish including crab, prawns and lobster, which it supplies both as ingredients and prepared dishes.

Locations:
Anchor Seafoods - offices plus cold storage/packing in Handcross, West Sussex.
Cromer Crab Company – a 3170m² production site at Cromer, North Norfolk, built in 2000 at a cost of £4.3M. The factory holds the highest level of EFSIS accreditation and applies quality standards based on ISO9000, BS5750 and British Retail Consortium requirements.

Executives:
Terry Ennis (group managing director); Allen Townsend (group sales and marketing director); William Rash (group technical and resource director); Mike Grey (managing director, Cromer Crab) and Paul Marshall (group finance director).

Young’s
Turnover:
£540M (forecast to end September 2007).

Background:
For over 200 years, the Young's name has been associated with great fish. Today, that heritage is the foundation of a world class independent food company headquartered in Grimsby, UK – for centuries a town associated with fishing and the sea. The business supplies around 40% of the fish eaten in Britain each year - both under its own Young’s brand and as own-label to the UK’s leading retailers. Young’s is privately-owned by holding company, FoodVest, which is also owner of Young’s sister company, Findus AB, based in Malmö.

Employees:
Young’s employs around 4000 people, 2400 in Grimsby, the balance at its Scottish sites.

Products:
Both frozen and chilled seafood, including prepared meals, coated fish and natural fillets under both the Young’s brand and retailer own-label products for all the major UK supermarkets.

Locations:
Grimsby, Kilkeel, Fraserburgh, Edinburgh, Stornoway, Annan, Inverness.

Executives:
Wynne Griffiths (chief executive); Mike Parker (deputy chief executive); Jim Cane (commercial director), Steve Leadbeater (finance director).