Private equity firm Legal and General Ventures has acquired a 44% shareholding in Young's Bluecrest Seafood from United Biscuits. Young's Bluecrest chief executive Wynne Griffiths said: "The focus will be on growing the business, growing the Young's brand and developing category skills working closely with major retailers. "The acquisition has created a platform for us which will enable us to reinvest back into the business. "This is a natural step in our development as an independent seafood specialist." Since the merger of Young's and Bluecrest in 1999 £5m has been spent on relaunching the Young's brand. Legal and General Ventures sees the investment as another step in its plans to expand within the consumer product sector. "We are very keen to become more involved in the grocery industry in particular and are continually looking for new opportunities," said director Michael O'Donnell. {{NEWS }}