US/JAPAN – Canadian manufacturer of primary and further-processed protein products, Sofina Foods has agreed to acquire seafood and pork provider Eight Fifty Food Group from funds managed by private equity firm CapVest Partners.
Founded in 2019 following the acquisition of Young’s Seafood by CapVest-owned Karro Food Group, Eighty Fifty has grown into an international multi-protein food group, employing 8,300 people across 23 manufacturing sites.
Its acquisition is expected to complement Sofina Foods’ North American platform, with Eight Fifty CEO Di Walker continuing to lead the business under the new ownership.
The acquisition will also allow Sofina Foods to continue on its path of ambitious expansion, according to Michael Latifi, the Sofina Foods founder and executive chairman.
Commenting on the sale, Jason Rodrigues, partner at CapVest said: “We’re confident that Eight Fifty will continue to flourish under Sofina Foods’ ownership.”
FoodBev reported that the combined group will have more than 13,000 employees globally across 44 sites and nearly CAD 6 billion (about US$4.8 billion) in annual revenue.
Agrana expands presence in Asia
Meanwhile, in Asia, Viena-based fruit preparations company Agrana is bolstering its presence in the region through acquisitions.
The company is reported to have acquired the fruit preparations business of Japanese food producer Taiyo Kagaku for an undisclosed sum.
As part of the transaction, Agrana will acquire Taiyo Kagaku’s fruit preparations plant located in Yokkaichi, in southern Japan.
Following the acquisition of the Japanese facility, Agrana now operates 26 fruit preparation sites in 20 countries. The new facility will join Agrana’s other Asian operations in China, India, and South Korea.
According to a FoodBev report, the plant will begin production of fruit preparations in Japan on 1 April and will supply customers in Japan’s bakery products sector, as well as dairy and ice cream producers.
In 2019, the fruit, starch and sugar group invested €22 million to open a new fruit preparation facility in Changzhou.
According to Agrana, Japan has a growing market for fruit preparations with a volume of around 60,000 metric tons and forecasted annual growth of 2-3% a year.
The new facility will thus play a critical role in helping Agrana meet the anticipated increase in demand while maintaining its high-quality standards and the innovative direction.
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