CANADA, Markham, Ontario. Funds managed by CapVest Partners LLP, an international private equity firm, have agreed on the sale of Eight Fifty Food Group to Sofina Foods Inc., a leading Canadian multi-protein producer, for an undisclosed consideration.
acquired Karro Food Group, a leading UK pork processor, in 2017. Investor 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 and growth, processig 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 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.
CapVest creates European multi-protein business
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 national champions. 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. 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.
The new company will have over 13,000 employees globally across 44 sites and near $6B in annual revenue. The transaction is subject to approval from regulatory authorities.
Source: Sofina Foods Inc.