Belgian private equity firm GIMV has sold its 34% stake in Macrae Food Group, a Scottish-based specialist in ready-to-eat seafood products.
The business was bought by CapVest Equity Partners’ company Young’s Bluecrest, the largest processor of frozen, chilled and fresh seafood in the UK, for an undisclosed sum. The gross IRR from the deal is 19%.
Macrae was owned by the Pan European Food Fund, a fund made up of eight investors, of which GIMV was the largest with a 30% interest. It also held a 4% direct investment in the company, which yielded a return of €1.5m.