Private equity firm CapVest has agreed to sell its Eight Fifty Food Group to Canadian multi-protein producer Sofina Foods for an undisclosed sum.
The Eight Fifty Food Group was created in 2019 when CapVest acquired Young’s Seafood and combined it with the Karro Food Group, a leading UK pork processor it had bought in 2017. Since then, Eight Fifty has acquired several protein businesses across Europe and now employs around 8,300 people across 23 manufacturing sites.
Sofina Foods is one of Canada’s largest food producers with a focus on 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. The company currently operates 21 different sites and employs approximately 5,000 people.
“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.”
Eight Fifty’s CEO Di Walker will continue to lead the European side of the enlarged business, which will have annual revenues of approximately $4.8bn (£3.5bn).
“We began this journey as a UK-only pork supplier doing less than £500m in sales and after several years of transformational organic and acquisitive progress are now the European multi-protein specialist with over £2bn in sales,” said Walker.
“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.”
The transaction is subject to approval from regulatory authorities.
NAM Implications:
- Increased scale/negotiation muscle/acquisition potential.
- With opportunities to take over distressed assets in foodservice…
- Watch this space.
