Change Capital makes 2.7x on £98.4m Macduff exit

Change Capital's exit comes four-and-a-half years after Change Capital first invested in Macduff, taking a 50% stake through a growth investment estimated to be less than £25m in April 2011, according to unquote" data.

The transaction is the latest for the GP's 2008-vintage €200m Change Capital Partners II, a European consumer-focused vehicle.

Supported by Change's private equity ownership, Macduff acquired Greendale Group, Saltire Seafoods and Scott Trawlers, and also expanded its distribution to China and the US.

Company
Founded in 1987, Macduff is a purchaser, processor, marketer and distributor of frozen and fresh shellfish products.

Headquartered in Mintlaw, Scotland, the company specialises in scallops, langoustines, whelk and crab. It employs around 400 people during peak season and had sales of £52m last year.

People
Steven Petrow is a partner at Change Capital. Euan Beaton is the president of Macduff.

Advisers
Vendor – KPMG (Corporate finance); Burness Paull (Legal).

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• Topics
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• Trade sale