Scottish Borders salmon factory reported to be up for sale
French owner said to be seeking up to £300m for package comprising Farne Salmon & Trout in Duns and Lyons Seafoods shrimp and shellfish in south of England
French company Labeyrie Fine Foods is reported to be looking for a buyer for its profitable UK salmon and shrimp operations, with an asking price of up to £300 million.
Labeyrie owns Farne Salmon & Trout at Duns in the Scottish Borders, and Wiltshire-based shrimp and shellfish-focused Lyons Seafoods.
The Farne factory is said by Labeyrie to be the largest salmon processing facility in the UK, and is the largest private sector employer in the Borders with a core workforce of 700 people.
Seafood website Undercurrent News (subscription required) reports that Labeyrie, owned by private equity firm PAI Partners and Groupe Cooperatif Lur Berri, has engaged the UK arm of Los Angeles-headquartered global investment bank and financial services company Houlihan Lokey to find a buyer for its UK assets.
£240m-£300m price tag
A source quoted by Undercurrent News said Houlihan Lokey aims to sell Farne and Lyons as a package. Sales documents are said to state that the two companies have combined annual earnings before interest, tax, depreciation, and amortisation (EBITDA) of £30m and revenue of £240m.
The source told Undercurrent News that Labeyrie co-owner PAI will want between eight and 10 times EBITDA for the UK companies, putting their value at £240m-£300m.
Labeyrie has been contacted for comment.
