Karro Group to buy Young's Seafood

Pork processor Karro Food Group has agreed to buy Young's Seafood for an undisclosed sum.

CapVest, the private equity firm that owns Karro, said the new group will have sales of about £1.2bn 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 chief executive of the new company.

Walker 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. Today’s agreement will provide both businesses with the opportunity to further develop and broaden our relationships with our key partners."

Young's CEO Bill Showalter 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. With CapVest’s existing understanding of our industry, and as part of a multi-protein food group, we will have the opportunity to inspire more consumers to love fish through our fresh, frozen, own-label and branded products.

"The transaction will build an even stronger foundation from which we can drive growth, providing exceptional quality fish and stand out innovation to countries around the world."