Yearsley Group acquires seafood specialist Ice Pak
18 January 2011
Yearsley Group has announced the acquisition of Leeds-based Ice Pak Seafood Specialists for an undisclosed sum. Based in Heywood, Yearsley Group operates in frozen food sales and cold storage and logistics.
The Yearsley Food Sales division wholesales a full range of frozen food products, supplying retailers, caterers and institutions in all sectors of the UK marketplace. The division operates a purpose-built repack facility at its Heywood cold store, and supplies overseas customers with exports of traditional UK products.
Yearsley Food Sales also incorporates the group’s exclusive import operation, under the Belfield brand, while the cold storage and logistics division is the UK’s largest provider of temperature controlled stores and distribution services, operating from 12 depots nationwide with a fleet of more than 300 vehicles.
Following a transitional period, Ice Pak will be incorporated into the Yearsley Food Sales division, complementing the current operation by providing additional seafood-based product lines to existing customers. The move will also enable the Yearsley Food Sales to enter new market areas, thereby further increasing its share of the frozen foods supply sector, in line with its current growth strategy.
Harry Yearsley, managing director of Yearsley Group, said: “We are delighted to announce the acquisition of Ice Pak. It strengthens our share of the frozen food sales market and, as there are very few crossovers in terms of customer base and product range, the opportunities to grow the business are huge.”
Founded in 1983 by Alan and Tony Cantrill, Ice Pak grew to a £32m turnover, supplying frozen food to wholesalers and restaurants across the UK from its cold stores in Leeds and Middleton. Ice Pak will continue to trade independently before being fully incorporated into Yearsley Food Sales, with Tony and Alan Cantrill working closely with Yearsley Group sales director Ian King over the next few months to help ensure a smooth transition for existing customers.
Commenting on the deal, Tony Cantrill said: “We have spent almost 30 years building up this business and are pleased to see it being taken forward as part of a well respected and growing national frozen food supplier.”
Yearsley Group was advised by solicitors Phillip Treanor of Panonne and Mark Jones of Goodman Harvey. The vendor was advised by accountants Oliver Hoffman and Rob Burton of Mazars supported by Christian Hunt of Clarion solicitors.
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