Speculation in the City has suggested Young’s Seafood and its pork-focused sister business Karro could be set to enter the London Stock Exchange.
Eight Fifty Food Group, created when private equity house CapVest brought the 海角视频-leading brand alongside the supermarket-supplying meat processor, is tipped for an initial public offering, with the potential float next year.
According to Sky News’ city editor Mark Kleinman, talks are underway with investment bankers about preparing such a launch.
Neither CapVest or Eight Fifty - a play on the unit measures of land and sea from where they source - have confirmed or denied the possibility.
A Eight Fifty spokesperson said: “We don’t comment on rumour or speculation. As a major food group made up of Karro Food Limited and Young’s Seafood we continue to focus on providing great food to customers across pork and seafood.
“We are excited about the ongoing opportunity to create an ambitious multi-protein food business of considerable scale with a combined platform in two important protein categories that are experiencing consistent long-term growth.”
Deflecting enquiries to Eight Fifty, CapVest - in its second stint at the helm of Grimsby-based Young’s - said it “would not be commenting on this,” adding it was “consistent with our policy not to comment on media and market speculation”.
A flotation has been mooted before at Ross House, the iconic high-rise home of Young’s.
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Back in March 2015 then chief executive of parent company Findus Group, James Hill, told North Atlantic Seafood Forum how a stock market listing - or a sale to another seafood-focused business - was part of a long term strategy.
Instead, 2019’s sale by previous hedge fund owner Lion Capital and partners saw it buddy up with the Malton-based pork specialist, which has significant operations in Scunthorpe, Hull and various other locations. CapVest - behind the Young’s brand explosion of the late Nineties and early Noughties under Wynne Griffiths, Mike Parker and Jim Cane - pulled them together, having taken on Karro in 2017. It had sold Young’s in 2008.
Young’s has consolidated significantly over recent years into Grimsby, with sites in East Anglia, Hull and Cumbria closed, but still has Scottish interests.
Mr Hill had held the tiller of Young’s after selling all of Findus’ European operations to Birds Eye owner Nomad, and was succeeded by Bill Showalter.
He stepped down on the completion of the latest deal, last July, with Simon Smith appointed from Grimsby seafood rival Seachill.
A spin-out of the legacy Young’s business itself, Seachill had been bought by LSE-listed Hilton Food Group in 2017.