Today, following due fulfilment of relevant anti-trust and consultative obligations, Findus Group is pleased to announce the completed sale of its Findus brand rights and associated continental European businesses to Nomad Foods, the group which already owns Birds Eye UK & Ireland, Iglo in continental Europe and Findus Italy.
Findus Group’s remaining large operating company, Young’s Seafood Limited in the UK, will continue to be backed by its existing group of investors, including Highbridge Principal Strategies, Lion Capital LLP and Sankaty Advisors, through the governance mechanism of a new holding company entitled Young’s Seafood International Holdings Ltd.
James Hill, Chief Executive of Young’s Seafood International Holdings (formerly, Findus Group) said: “Today’s sale transaction involving Findus marks a significant, positive milestone for the European food industry and its principal stakeholders. Young’s Seafood Limited is already the UK’s leading fish processor, with unparalleled expertise and track record in bringing great seafood to market, be that frozen or chilled, Young’s or retailer branded. With the Findus transaction now behind us, we shall redouble our drive for improvement in Young’s, focussing on our customers, our market share and our processing efficiency.”
Pete Ward, Chief Executive of Young’s Seafood Limited, said: “Our mission is to inspire consumers to eat more seafood in their diet with our innovative range of high quality, good value, great tasting, responsibly-sourced products. We are embarking on a journey of Virtual Integration with our best suppliers, working as partners, driving improvements for mutual and sustainable benefits. We are focussed on building up our sales, driving down our costs, adapting to changes in the market and future-proofing Young’s Seafood Limited. We are optimistic for this new phase and, with the support of our investors, we will continue to deliver for our customers and our consumers.”
For Further Information:
For more information on Young’s Seafood Limited and Young’s Seafood International Holdings Ltd, please contact: Fran O’Leary at Lodestone: 07980 582 254 fran.oleary@lodestonecommunications.com
Notes to Editors:
Young’s Seafood Limited is a multi-channel, multi-customer, multi-temperature and multi-category company, with a broad portfolio, offering branded and retailer branded fish as well as seafood in restaurants. Young’s Seafood Limited total turnover (published fiscal results, for the year ending 30/09/14) was close to £600m, of which approximately £250m were Young’s brand sales across both chilled and frozen. Operating profit before exceptional operating costs and amortisation was c. £25million and EBITDA c. £36million. Young’s Gastro (a sub-brand) is now worth over £30million (Source: AC Nielsen MAT 15th August 2015), having grown by 60% in the last year, with 50% of sales being incremental to frozen fish (Kantar date 52 w/e 19th July 2015). As well as launching a wide range of new innovation this Autumn, Young’s has also expanded its Funky Fish Kitchen range into frozen for the first time. Young’s re-launched its brand this year across chilled and frozen, with the new master brand rolling out on pack and a new TV and multi-channel advertising campaign. Young’s Seafood also has further brand innovation and marketing plans for the coming year with more TV and multichannel advertising campaigns, digital outreach and in store promotions.
