Sofina Foods Europe is a leading supplier of both branded and own-label seafood and pork products. The pork division is one of the largest processors and suppliers of products across the UK and Ireland. While the seafood division is the largest provider of chilled and frozen products across the UK, including the Young’s brand which it acquired in 2021. It’s also major player in frozen seafood across Germany and France.
The acquisition of Finnebrogue is part of Sofina Foods’ continuous growth strategy, with the addition of the Northern Ireland producer’s portfolio bringing its outdoor-bred pork, sausages, rashers and ham products, as well as the plant-based ‘Naked Range’ into its wheelhouse.
“Sofina Foods has been acquisitive in the UK, developing its pork and seafood interests through Young’s Seafood and Karro Food Group. Family-owned Finnebrogue, with good factories in Northern Ireland, has long been seen as an attractive target and it will further expand Sofina’s position in the increasingly consolidated UK market. It looks like a good deal all round,” Julian Wild, corporate finance director at Rollits told Food Manufacture.
Passing the baton
Finnebrogue was established in 1991 by husband-and-wife team Christine Lynn and the late Denis Lynn who passed away in 2021.
Commenting on the news, Christine said: “With Denis’s vision and innovation, the business grew into one of the leading food companies in Northern Ireland, making food the best it could be, without being bound by the way it had always been done, and creating over 1,200 jobs along the way.
“In May 2021, my husband tragically died; from then on I have had the support and backing of the leadership team which Denis created, and I am so proud that Finnebrogue has continued to prosper and grow.
“But the time has now come for me to hand over the baton, and to do so to Sofina who I know will uphold Denis’s legacy and take Finnebrogue on to its next chapter.”
‘An exciting step forward’
Finnebrogue sites will continue to operate, complementing Sofina Foods Europe’s existing food distribution network across the UK and in Europe. It will also put Sofina Foods Europe at 9,000 employees across 27 sites.
Ash Amirahmadi, who leads the European division as its CEO, called the move “an exciting step forward for Sofina Foods Europe”.
Michael Latifi, founder, chairman and CEO of Sofina Foods, agreed: “This acquisition will allow Sofina Foods to continue our journey of ambitious expansion. We have created a global foundation for continued growth, with a history of excellence in food production and processing spanning over 30 years. Both Sofina Foods and Finnebrogue share a common culture of excellence, discipline and integrity and I look forward to building on the strengths of both companies.”
Mark Field, director of Prof Consulting Group told Food Manufacture the acquisition is another recent and “great example of an acquisition driven on quality, capability, reputation, and sector leadership rather than purely efficiencies through volume growth”.
“This is an impressive move by Sofina, strengthening their product portfolio across branded and private label supply and I feel a good outcome for Finnebrogue,” he added.
During the process, Finnebrogue were advised by Piper Sandler, Carson McDowell and EY. Sofina Foods Finance, Tax, Treasury and Legal Teams managed this transaction with external support from PWC, Taylor Wessing, Tughans LLP, Ashurst, and Tetra Tech.
Sofina Foods Inc is headquartered in Malton, North Yorkshire with a revenue of £3.8 billion. It has a global foothold, with the company and its wholly owned subsidiaries operating more than 40 sites and over 14,000 employees across Canada, the UK, Ireland, Germany and France, making it one of the largest Canadian-owned food companies.
