Karro Food Group, which runs the bacon factory in Malton, has reached an agreement to acquire iconic seafood business Young's.
Since 2017, Karro has been owned by CapVest Partners LLP, a leading international investor which announced yesterday the creation of an enlarged group with significant potential for further growth.
Karro Food Group is a leading UK pork processor with headquartes in Malton.
The new group, which has a strong market presence in the pork and chilled and frozen seafood markets, will have sales of circa £1.2bn and employ over 5,000 people across the UK and Ireland.
Karro and Young’s will operate as two separate businesses continuing to focus on providing great pork and seafood to customers.
Di Walker, current executive chair of Karro, has been appointed CEO of the new group.
Commenting on the announcement, Di Walker said: “We are very excited about the opportunity to create an ambitious multi-protein food business of considerable scale.
"Today’s agreement will provide both businesses with the opportunity to further develop and broaden our relationships with our key partners.”
Bill Showalter, CEO of Young’s, said: “We are delighted to be moving forward with Karro and CapVest and we believe this move will be positive for the fish and seafood industry as a whole.
"We will have the opportunity to inspire more consumers to love fish through our fresh, frozen, own-label and branded products."
Jason Rodrigues, a partner at CapVest, said: “We look forward to working closely with management to accelerate investment and strengthen the competitive position of each business.”