International private equity firm CapVest Partners LLP has sold Eight Fifty Food Group to Sofina Foods, a Canadian multi-protein producer, for an undisclosed amount.
Sofina Foods is one of Canada’s largest food producers. It is a manufacturer of primary and further processed protein products for both retail and foodservice customers.
The company currently operates 21 different sites and employs approximately 5,000 people.
Supplier of seafood and pork
Eight Fifty Food Group is the supplier of both branded and own-label seafood and pork, and the group employs around 8,300 people across 23 manufacturing sites. The business will remain under the leadership of Di Walker.
CapVest acquired Karro Food Group, a leading UK pork processor, in 2017. It subsequently acquired seafood business Young’s Seafood in 2019 to create Eight Fifty.
Eight Fifty officially announced earlier this year that it had acquired well-known Irish cooked meats producer Carroll Cuisine.
New company to have over 13,000 employees globally
Di Walker, CEO of Eight Fifty, said: “We began this journey as a UK-only pork supplier doing less than £500 million in sales and, after several years of transformational organic and acquisitive progress, are now the European multi-protein specialist with over £2 billion in sales.
This transaction and the interest in Eight Fifty is a great reflection on the quality of the business.
The new company will have over 13,000 employees globally and near $6 billion in annual revenue, it is estimated.
The transaction is subject to approval from regulatory authorities.