UK Edition
Nordic fish giant hooks a deal with smoked salmon purchase
Two British fine food companies specialising in smoked salmon have been snapped up by a Nordic rival in a deal which will earn the founders a cash windfall.
John Ross Jr and Coln Valley Smokery, which together make up the JRJ Group, have been sold to AS PRFoods, the largest manufacturer of fish in Estonia, where it is listed, and one of the largest fish producers in Finland.
UK shoppers will be familiar with John Ross smoked salmon and its other food products thanks to the Royal Warrant accreditation it has boasted for more than two decades and its retail presence in Waitrose, Tesco and Sainsbury’s.
John Ross was founded in 1987 by Andrew Leigh and the company bought the Cotswold-based Coln Valley Smokery in 2009 to add to its product range and give it access to sporting events including Cheltenham, the Henley Royal Regatta and Wimbledon, which Coln had agreements with.
The transaction was advised by Cavendish Corporate Finance, which worked with the Leigh family over a number of years to prepare the business and then running the sales process, including identifying a range of buyers thanks to its position within global advisory firm Oaklins.
The sale gives the Leigh family an exit from their majority holding although next generation family members Vicky Leigh-Pearson and Chris Leigh will continue in senior roles and as shareholders of the group.
The transaction gives a majority exit for the Leigh family, with next generation family-members Vicky Leigh-Pearson and Chris Leigh continuing in senior roles and as shareholders in the Group. The sale to PRFoods provides the Group with an ideal route to leverage the strength of the John Ross and Coln Valley brands, to expand its product range and accelerate global sales.
PRFoods, which hit €47.4m in revenue last year, is hoping to expand the product range of its acquisition and accelerate global sales. It is understood to have paid under £20m for the group.