Case Studies

Young’s Bluecrest is the largest processor of frozen, chilled and fresh seafood in the UK with a turnover of approximately £300 million. The company was formed in July 1999 from the merger of Bluecrest Seafood, an existing investment of LGV, and Young’s, United Biscuits’ frozen seafood business. The deal was structured as a joint venture with funds managed by LGV (and its associates) and United Biscuits each taking 44% of the equity of the combined business.

Today with almost 30% of the total frozen and chilled seafood markets, Young’s Bluecrest boasts some of the UK’s best selling seafood products using the "Young’s", "Ross" and "Chip Shop" brands.

Since the merger, Young’s Bluecrest has embarked on a programme of capital investment and factory raionalisation which will be completed shortly.

The buoyant UK market for frozen and chilled seafood increased 6% in 2000 and growth continues to accelerate in 2001. In order to strengthen and grow its market leading position, Young’s Bluecrest has committed £5 million to advertising the Young’s brand.

In March 2002, LGV sold its stake in Young's Bluecrest in a secondary buy-out with a total value of €220m, following a competitive auction process that attracted interest from both trade players and private equity firms. The exit represented an IRR of just under 40% for LGV's 1998 fund and a multiple of 2.9x its original investment.

Young's Bluecrest played to a number of LGV's strengths - a consumer products business which combines own label and branded goods, a business in need of manufacturing rationalisation and brand investment, and an opportunity to buy and build with a trade partner.

Young's Bluecrest was sold in March 2002. Click here for current information.