Young's Bluecrest

Cap-Vest portfolio company Young’s Bluecrest has acquired Macrae Food Group, a specialist ready to eat seafood products business. Financial details regarding the deal have not been disclosed. Macrae, which is headquartered in Fraserburgh, employs a total of 1300 people, of which all but 30 are employed in Scotland. The business is expecting to generate turnover of around £88m for the financial year ending 30 September 2004. In March 2002 funds advised by Cap-Vest backed the secondary management buyout of Young’s Bluecrest Seafood from Legal and General Ventures. The deal valued the business at £137m, although the amounts of debt and equity provided for the deal were not disclosed. The deal was completed by a debt package consisting of senior debt and mezzanine, provided by Société Générale (25 March 2002, page 28).

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