LONDON, UK: Hilton Food Group has agreed to acquire a leading international smoked salmon producer, Dutch Seafood Company B.V., which trades as “Foppen”.
The enterprise value of €90.0 million includes adjustments for net debt and net working capital.
Foppen’s FY 2021 ended 31 March 2021 actual revenue of €139.7 million, adjusted underlying EBITDA of €10 million.
This acquisition will expand Hilton’s presence in a growing protein category, as well as entering the US, a new geography for Hilton.
Hilton has also launched an equity placing to raise gross proceeds of approximately £75 million to part fund the acquisition.
The announcement follows the recent full acquisition of Dalco, a leading vegan and vegetarian food manufacturer, the acquisition of Fairfax Meadow, as well as Hilton’s expansion into Hilton Seafood, together with several years of sustained growth in seafood and plant-based foods by the business.
Hilton’s CEO, Philip Heffer, commented: “The acquisition of Foppen is an exceptional opportunity for Hilton and another step towards our goal of becoming the global protein partner of choice. More and more consumers around the world are seeking affordable, high quality, and sustainable protein, and this acquisition will help Hilton take our offer into new markets and to new global customers for the first time.
“Foppen’s premium product portfolio and strong customer relationships are a great fit for Hilton’s model, while Hilton’s strong ESG credentials in seafood will make sure our future growth plans are sustainable in every sense of the word. We welcome Foppen’s management and employees and look forward to delivering profitable growth through the combination of Hilton and Foppen.”
Andre van der Padt, Foppen CEO, added: “We are excited by the future prospects of Foppen under Hilton’s ownership and look forward to working with Philip and team. Foppen’s offer to customers, suppliers and employees will be enhanced as part of Hilton Food Group.”
Dutch Seafood Company B.V., trading as Foppen, is a leading international manufacturer of branded and private label premium smoked salmon products.
Hilton Food Group plc is a leading international multi-protein producer, serving customers and retail partners across the world with high quality meat, fish, vegan and vegetarian foods and meals.
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