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<h2 class="fe_heading2">CapVest enters into an agreement with Sofina Foods for the sale of Eight Fifty Food Group</h2>
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Mar, ON, Mar 29, 2021 (Canada NewsWire via COMTEX) —
Funds managed by CapVest Partners LLP (“CapVest”), an international private equity firm, have agreed on the sale of Eight Fifty Food Group (“Eight Fifty” or “the Group”) to Sofina Foods Inc. (“Sofina Foods”), a leading Canadian multi-protein producer, for an undisclosed consideration.
CapVest acquired Karro Food Group, a leading UK pork processor, in 2017. CapVest and Management subsequently acquired iconic seafood business Young’s Seafood in 2019 to create Eight Fifty Food Group. Eight Fifty later consolidated five other protein businesses from across Europe to create what is today a leading European multi-protein specialist.
Sofina Foods is one of Canada’s largest food producers and has a 25-year history of acquisitions, growth and success. Sofina Foods is one of the country’s leading manufacturers of primary and further processed protein products for both retail and foodservice customers. Its brands are staples in Canadian households and include Cuddy; Lilydale; Janes; Mastro; San Daniele; Fletcher’s, Vienna and Zamzam. Sofina Foods currently operates 21 different sites and employs approximately 5,000 people.
Eight Fifty is a leading supplier of both branded and own-label seafood and pork. The pork division is one of the largest processors and suppliers of products across the UK and Ireland. The seafood division is the largest provider of chilled and frozen products across the UK, including the Young’s brand, and is a major player in frozen seafood across Germany and France.
The Group employs around 8,300 people, across 23 manufacturing sites. The business will remain under the leadership of Di Walker and will complement Sofina Food’s existing leading North American platform. As Europe’s multi-protein specialist, Eight Fifty will continue to provide sustainable, high-quality food products while focussing on growth.
Jason Rodrigues, Partner at CapVest, said: “We’ve created a leading European multi-protein business through a combination of strategic investment in our core asset base and complementary acquisitions of fantastic national champions. Eight Fifty delivers best-in-class products to our customers and consumers and we are all very proud of what Di Walker and her team have achieved over the last four years. We’re confident that Eight Fifty will continue to flourish under Sofina Food’s ownership.”
Di Walker, CEO of Eight Fifty, said: “We began this journey as a UK-only pork supplier doing less than £500 million in sales and after several years of transformational organic and acquisitive progress are now the European multi-protein specialist with over £2 billion in sales. This transaction and the interest in Eight Fifty is a great reflection on the quality of the business and testament to the work that CapVest and our entire management team have completed. We’re very excited to join Sofina Foods to deliver on their ambitious future growth plans.”
Michael Latifi, Founder and Executive Chairman of Sofina Foods, said: “As a leading Canadian multi-protein specialist, this acquisition allows Sofina Foods to continue on our path of ambitious expansion. Sofina Foods is one of Canada’s largest food producers and we have created a solid global foundation for continued growth. With a history of excellence in food production and processing spanning over 25 years, the strong brands of Eight Fifty Food Group align perfectly with our prominent brands and our shared future vision.”
The new company will have over 13,000 employees globally across 44 sites and near $6B in annual revenue.
Bob Wilt, President and CEO of Sofina Foods, said “Our team in Canada and our new partners at Eight Fifty Food Group have set the stage for considerable growth. I look forward to working with Di and to welcoming Eight Fifty to the Sofina family, and to drawing upon the significant expertise that exists across both businesses.”
CapVest and Management received financial advice from Jefferies, JP Morgan and Rothschild & Co, legal advice from Willkie Farr & Gallagher and Walker Morris, and financial and tax due diligence services from KPMG.
Sofina Foods received financial advice from Rabobank as the lead financial advisor and Scotiabank as the co-financial advisor. Additional advice was provided by PWC, Stikeman Elliott and Taylor Wessing.
The transaction is subject to approval from regulatory authorities.
About CapVest:
CapVest is a leading international private equity investor that partners with ambitious companies that supply essential goods and services. As an active and patient investor, CapVest has established a strong track record of success in delivering attractive returns by working closely with management teams in supporting transformation in the size and scale of its portfolio companies through a combination of investing behind organic and acquisition-led growth. For more information, visit www.capvest.co.uk
About Eight Fifty Food Group:
Eight Fifty Food Group is a leading supplier of both branded and own-label seafood and pork. The pork division is a leading processor and supplier of pork products across the UK and Ireland. The seafood division is a provider of chilled and frozen products across the UK, Germany and France. Central to its proposition is the iconic 200-year-old Young’s brand, benefitting from elevated brand awareness and unparalleled trust as the UK’s fish and seafood specialist.
Eight Fifty employs around 8,300 people, across 23 manufacturing sites. Eight Fifty is focussed on providing sustainable, high-quality food products while continuing to grow alongside its valued customer base.
About Sofina Foods Inc.
Sofina Foods Inc. is a privately owned Canadian company headquartered in Markham, Ontario, Canada dedicated to providing great tasting, high quality food products for consumers. As one of the nation’s leading manufacturers of primary and further processed protein products for both retail and foodservice customers, Sofina Foods has a broad portfolio of branded and private label pork, beef, fish, turkey, and chicken products. Sofina’s family of branded products consists of: Cuddy, Lilydale, Janes, Mastro, San Daniele, Fletcher’s, Vienna and Zamzam. Sofina Foods currently operates 16 HACCP-approved manufacturing facilities, 2 distribution centres, 3 hatcheries and employs close to 5,000 people. To learn more about Sofina Foods, visit www.sofinafoods.com.
SOURCE Sofina Foods Inc.
View original content to download multimedia: https://www.newswire.ca/en/releases/archive/March2021/29/c0606.html
SOURCE: Sofina Foods Inc.
Media contacts: CapVest Partners LLP, Ben Valdimarsson (ReputationInc), +447889805930 / [email protected]; Sofina Foods, Lisa Joyce, (905) 747-3322 ext 2118 / [email protected]; Eight Fifty Food Group, Alex Beagley / Tom Hufton / Fiona Walker, (FTI Consulting), +442037271000 / [email protected]
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