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New Governance for Youngs Following Findus Group Deal

Sustainability Processing Economics +4 more

UK - Findus Group has announced 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.

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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.”