Funds managed by private equity firm CapVest Partners have agreed to offload seafood and pork provider Eight Fifty Food Group to Sofina Foods.
Eight Fifty is a protein company that was created following the acquisition of Young’s Seafood by CapVest-owned Karro Food Group in 2019.
Since then, Eight Fifty has acquired a number of protein businesses from across Europe, such as pork processor M&M Walshe last year.
The company – which employs around 8,300 people across 23 manufacturing sites – will complement Sofina Foods’ North American platform, with Eight Fifty CEO Di Walker continuing to lead the business under the new ownership.
“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,” said Jason Rodrigues, partner at CapVest.
“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 Foods’ ownership.”
Sofina Foods is a Canadian manufacturer of primary and further-processed protein products for both retail and foodservice customers.
“As a leading Canadian multi-protein specialist, this acquisition allows Sofina Foods to continue on our path of ambitious expansion,” said Michael Latifi, the company’s founder and executive chairman.
He continued: “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 combined group will have more than 13,000 employees globally across 44 sites and nearly CAD 6 billion ($4.8 billion approx.) in annual revenue.
The transaction is subject to approval from regulatory authorities. The financial terms of the deal have not been disclosed.
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