Young’s Seafood is under new ownership

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Young’s Seafood is under new ownership after a foreign investor swooped for the business as part of plans to create a new food giant

CapVest Partners, which previously owned Young’s but sold it to Lion Capital, Bain Capital and HPS Investment Partners (UK) as part of a £1bn-plus deal in 2008, has re-acquired it through its pork processing business, Karro Food Group.

Karro – headquartered in North Yorkshire – and Grimsby-based Young’s will operate as two separate businesses within the enlarged group, which will have annual sales worth about £1.2bn.

Together, Karro and Young’s employ about 5,000 people across the UK and Ireland, including hundreds of people at a seafood factory in Fraserburgh.

More to follow.