Stake in Seafood Holdings For Sale
Private equity firm Risk Capital Partners is reported to be looking to sell its 24% stake in Seafood Holdings, a supplier of seafood to the UK food service sector. In the year ended January 2010, Seafood Holdings increased EBITDA by 15% to £5.8m on turnover down 5.8% to £83.4m.
The group is currently focusing on developing its profitable activities and closed its Grimsby-based Scotprime Seafoods operation in November 2009. Seafood Holdings recently won a £5m contract to supply Hilton Hotels.
Seafood Holdings is controlled by its chief executive and founder, Toby Baxendale, who owns a majority stake in the company. Risk Capital Partners was founded in 2001 by Luke Johnson and Ben Redmond, and looks to invest £3m to £15m of equity in established, profitable companies based in the UK. Risk Capital Partners took its stake in Seafood Holding in 2006, helping it to pursue an acquisition strategy to establish a national distribution capability.
