Prawn processor Lyons Seafood has a new owner, after its parent company was taken over by French co-operative Lur Berri in a €285m deal.

Lur Berri has upped its stake in Lyons’ parent, Labeyrie Fine Foods – formerly known as Alfesca – from 49.9% to 62.9%, with private-equity firm LBO France taking a 33.3% stake. The remaining 3.8% are held by the group’s management.

Lyons and Labeyrie were advised on the deal by HSBC, which worked with a number of French lenders to refinance Labeyrie’s debts.

Warminster-based Lyons is a leading supplier of own-label prawns to the multiples. It branched out into branded seafood last year by launching a number of meal kits. However, Lyons recently said it was rethinking its meal kits ahead of a possible relaunch later this year.