Karro Food Group, which has been owned by CapVest since March 2017, has reached an agreement to acquire Young’s Seafood.
The new group, which has a strong market presence in the pork and chilled and frozen seafood markets, will have sales of around £1.2 billion and employ more than 5,000 people across the UK and Ireland.
Karro and Young’s will operate as two separate businesses within the enlarged Group and will continue to focus on providing great food to customers across pork and seafood.
Di Walker, current executive chair of Karro, has been appointed CEO of the new Group.
She said: “We are very excited about the opportunity to create an ambitious multi-protein food business of considerable scale. Young’s and Karro are highly complementary businesses and the combined platform will have strong market positions in two important protein categories that are experiencing consistent long-term growth. This agreement will provide both businesses with the opportunity to further develop and broaden our relationships with our key partners.”
Bill Showalter, CEO of Young’s, said: “We are delighted to be moving forward with Karro and CapVest and we believe this move will be positive for the fish and seafood industry as a whole.”