Young’s Seafood and Karro Food Group owner Sofina Foods has announced the acquisition of Northern Irish meat and plant-based company Finnebrogue.
The acquisition, the value of which was not disclosed, was designed to bolster the seafood and pork giant’s ambitious “ambitious growth plan”, Sofina said.
It brings to an end the family ownership of the Finnebrogue business, which was established in 1991 by the late Denis Lynn and his wife Christine.
Finnebrogue now employes 1,200 people across four facilities in County Down, where it produces the Naked brand of nitrite-free and gut-health-friendly pork, plus a range of own label meat products for the mults, including outdoor-bred pork, sausages, rashers and ham, as well as wagyu beef and plant-based alternatives.
Denis Lynn died in May 2021 following a quadbiking accident. Since his “tragic death”, Christine Lynn said she had received the “support and backing of the leadership team which Denis created, and I am so proud that Finnebrogue has continued to prosper and grow”.
However, “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”, she added.
Canadian protein giant Sofina acquired Young’s and Karro’s then-parent Eight Fifty Group in March 2021 from its private equity owner Capvest for an undisclosed sum, leading to the creation of Sofina Foods Europe.
The business, registered with Companies House as UK 111 Limited, posted sales in excess of £2bn in the 53 weeks to 30 March 2024, up 5.6% year on year. Profits after tax swung from a £47.2m loss to a £32.4m profit on the back of “a focus on controllable costs”.
Finnebrogue parent Lynn’s Country Foods, meanwhile, posted sales of £159.3m in the year to 24 February 2024, up 9.6% year on year. Profit after tax climbed by 357.7% to to £5.2m, its accounts showed.
With this acquisition, Sofina now employs over 9,000 people across 27 sites.
“This acquisition will allow Sofina Foods to continue our journey of ambitious expansion,” said Sofina founder, chairman and CEO Michael Latifi. “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.”
The deal was described as an “exciting step forward for Sofina Foods Europe”, by CEO Ash Amirahmadi.
“Finnebrogue is a hugely successful, award-winning business with similar values and principles to Sofina Foods Europe. I look forward to welcoming everyone at Finnebrogue to the Sofina Foods family and drawing upon the significant expertise that exists across both businesses.”
Finnebrogue sites will continue to produce food products to complement Sofina Foods Europe’s existing food distribution network.
“I’m delighted that Finnebrogue is joining Sofina Foods Europe, and I know that this great business will continue to flourish as part of the Sofina family, who’s purpose-driven values align closely with our own, unlocking new opportunities for our people, our products and our customers,” said Roger Burnley, chair of Finnebrogue.
“The Lynn family who founded the business 30 years ago have built an extraordinary legacy, and I know that they join me in thanking every single one of our fantastic Finnebrogue colleagues, past and present.
“Now with Sofina’s stewardship, we look forward to watching Finnebrogue go from strength to strength.”
No comments yet