Lion Capital to buy frozen food maker FoodVest

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LONDON, July 22 | Tue Jul 22, 2008 9:03am EDT

LONDON, July 22 (Reuters) - British private equity firm Lion Capital said on Tuesday it agreed to buy CapVest's frozen food manufacturer The FoodVest Group in a deal a source familiar with the matter said was worth 1.1 billion pounds ($2.21 billion).

FoodVest, which owns the Young's and Findus brands, has leading market positions in Britain, Scandinavia and France and is growing its business in Central and Eastern Europe, Lion said in a statement.

It has 6,000 employees in five countries and made a 2007 turnover of 1 billion pounds.

Lion specialises in the consumer sector. Its investments include luxury shoe maker Jimmy Choo, snack maker Kettle Foods and cereal manufacturer Weetabix.

JP Morgan financed the acquisition.

(Reporting by Eleanor Wason)

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