CapVest, the London based private equity firm, acquired Young’s in 2002 and Findus in 2006. Until now, the two companies have mainly operated as separate sister companies, but from the end of January they will come together under a new, unifying structure as The Foodvest Group.

The Group will have a turnover of £1.1 billion and be one of the largest frozen food and seafood companies in Europe. It already has leading market positions in:
• Frozen and chilled seafood in the UK
• Frozen food (seafood, vegetables & ready meals) in France
• Frozen food in Sweden, Norway and Finland

The strategy of Foodvest is to continue to lead consolidation in the European food sector whilst being at the forefront of product development and responsible food policies. It intends to be a world leader in responsible seafood sourcing and good environmental practice.

Per Harkjaer becomes Group CEO

Per Harkjaer will assume the role of group CEO taking full executive responsibility for all parts of the Group. A Danish national, Per comes to the position with almost 25 years experience in the food industry including senior roles at Mars, Unigate (now Uniq) and two Scandinavian companies: The Toms Confectionery Group and Findus.

Per Harkjaer says: “I am delighted that CapVest has asked me to lead the Foodvest Group and take it to its next stage. Today we are faced with significant market challenges such as continuing inflation in food raw material costs and rising consumer expectations of our industry. We need to continue to be highly focused, efficient and innovative to deliver on the fantastic opportunities we have before us. It is my ambition that Foodvest will become the most successful food company in Europe - as measured by growth, customer satisfaction and product quality.”

In a further new appointment, Wynne Griffiths (currently chief executive Young’s Seafood) is moving to a non-executive position becoming non-executive chairman of the Foodvest Group from July.

Also in a new position is Mike Parker, (formerly deputy CEO of Young’s Seafood) as deputy CEO of Foodvest. A key part of Mike’s responsibility will be to drive the Group’s sustainability agenda.

Changes in the UK

The UK business of Young’s will be reshaped into two separate businesses as follows:

• Young’s Seafood will operate as a branded business led by Jim Cane as managing director. In recent years, Young’s has been one of the UK’s fastest-growing grocery brands, and will now concentrate primarily on continued brand development in both frozen and chilled seafood.

• The Seafood Company is the name of a new and separate business focused on the development of chilled seafood products for retailer own label. It will be led by Peter Ward as managing director.

On these changes Per Harkjaer comments; “It is our goal to give our retail customers absolutely the best products and service, and to help them develop their retail brands in the important chilled seafood category. The Young’s business will continue to develop the Young’s brand, which has been one of the fastest-growing UK grocery brands over the last few years.”

Ends…

Notes for editors

• All changes are effective from February 1 2008.

• The Foodvest Group is one of the most significant food companies in Europe. As well as its established operations in the UK, France, Sweden, Norway and Finland, it also has fast-growing business in Denmark and Eastern Europe.

• Young’s will encompass approximately 50% of its former operation and will concentrate on growing the Young’s brand share of the market. It will have manufacturing facilities at Humberstone Road and South Quay in Grimsby, plus facilities in Annan, Stornoway and Kilkeel as well as Anchor Seafoods in Sussex.

• The Seafood Company is built from the other 50% of the original Young’s operation and will focus on chilled seafood for own label. Its key facilities include Marsden Road in Grimsby, the Macrae sites at Livingston, Inverness and Fraserburgh, Young’s Fraserburgh, Midgley Seafoods in Hull and The Cromer Crab Company in Norfolk.

• The structure of Findus AB in continental Europe remains largely unchanged.

• Wynne Griffiths (who was due to retire in 2008), is moving to a non-executive position from the end of January, becoming non-executive chairman of Foodvest from July. In the interim he will assist the new management of Foodvest to facilitate smooth change to the new structure.

• In his new role as deputy CEO of Foodvest, Mike Parker will have group wide responsibility for purchasing and for driving the Foodvest supply chain, technical, sustainability and environmental agenda.

• Steve Leadbeater continues his existing role as Foodvest Group chief financial officer.