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CapVest sells Eight Fifty to Sofina Foods

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CapVest Partners has sold Eight Fifty Food Group, a British supplier of seafood and pork products, to Canadian food company Sofina Foods.

Following the deal, the business will remain under the leadership of CEO Di Walker and will complement Sofina Food's existing North American platform. The combined group is expected to employ 13,000 staff across 44 sites and generate $6bn in annual revenues.

CapVest acquired UK meat producer Karro Food from Endless in a £180m deal signed in 2017. Subsequently, the GP bought seafood business Young's Seafood for a consideration of around £175m in 2019 and merged the two companies, creating Eight Fifty.

Company
Headquartered in Malton, North Yorkshire, Eight Fifty is a supplier of both branded and own-label seafood and pork products for the British, French and German markets.

The company employs 8,300 people across 23 manufacturing sites and generates annual sales of around £1.7bn.

People
CapVest – Jason Rodrigues (partner).
Eight Fifty Food Group – Di Walker (CEO).
Sofina Foods – Michael Latifi (founder, executive chair).

Advisers
Vendor – Jefferies (corporate finance); JP Morgan (corporate finance); Rothschild & Co (corporate finance); Willkie Farr & Gallagher (legal); Walker Morris (legal); KPMG (financial due diligence).
Acquirer – Rabobank (corporate finance); Scotiabank (corporate finance); PwC (financial due diligence); Stikeman Elliott (legal); Taylor Wessing (legal).

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