PRINT THIS PAGE CapVest sells FoodVest to Lion Capital for £1bn22/07/2008. Source: AltAssets. 
UK-based mid-market buy-out firm CapVest has agreed to sell frozen food manufacturer The FoodVest Group to European private equity firm Lion Capital. Financial terms were not disclosed, but the size of the transaction is believed to be approximately £1bn, according to sources familiar with the deal. FoodVest includes the Young’s, Findus and The Seafood Company businesses. The company was formed in 2006 to merge portfolio companies that CapVest had acquired over the past six years. The company has 6,000 employees across 21 facilities in five countries. In 2007, FoodVest generated a turnover of over £1bn.
Seamus FitzPatrick, co-founder, CapVest, said, ‘This transaction marks the culmination of our strategy to build the UK seafood business we acquired in 2002 into a leading pan-European branded food group. We have driven a six-fold increase in earnings at FoodVest over our six and a half year period of ownership by investing in both organic and acquisition led growth.’
Lyndon Lea, partner, Lion Capital, added, ‘Our acquisition of FoodVest represents an attractive opportunity for Lion Capital to invest in one of Europe’s leading food manufacturers, with undeniable brand strength in the frozen category and leadership positions in markets with strong frozen food heritages.’
CapVest invests mid-market LBOs with a focus on the food sector. Last year the firm sold Nordic bakery products manufacturer Vaasan & Vaasan to Lion Capital for between €400m to €500m.
Earlier this month, Lion Capital announced its intention to acquire Advang Holding, the owner of Mora, a branded producer of frozen snacks and appetisers in the Benelux region.
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