CapVest completes Young’s Bluecrest MBO

LGV has sold its stake in Young's Bluecrest to CapVest and management in a £137m management buyout.

Legal & General Ventures (LGV) has sold its stake in Young's Bluecrest to a company controlled by funds advised by CapVest Limited and the management of Young's Bluecrest. The total value of the deal is £137m, with CapVest reportedly taking a 79 per cent stake in the firm.

Young's Bluecrest is the largest processor of frozen seafood in the UK with a turnover of approximately £320m. The company was formed in July 1999 from the merger of Bluecrest Seafood Limited, and Young's.

Commenting on the deal, Seamus FitzPatrick of CapVest said: “Young’s Bluecrest’s position as a leading player in the UK market makes it an ideal candidate for a buy and build strategy both in the UK and Europe. We are looking at a number of possible deals as we look to grow what is already a successful brand.”

Advisors for CapVest were Eversheds (legal), whilst Société Générale provided senior debt for the acquisition. Deutsche Bank provided financial advice to LGV on the sale.

CapVest Ltd was established in September 1999 by former BT Capital private equity professionals and AIG, the US-based international insurance organisation CapVest invests in growth companies and middle-market buyouts, public to private transactions and buy and build situations in the UK and Western Europe. Target equity investments range between E10m to E50m in entities with enterprise values of between E25m and E500m.