LONDON: Hilton Food Group plc, the leading international multi-protein food business, has sold the entire issued share capital of Fairfax Meadow Europe Limited (“Fairfax”) to Sysco GB Ltd, (part of the Sysco Group).
The disposal will result in Hilton Foods receiving gross cash proceeds of £54 million and is expected to be earnings dilutive. The transaction includes a three-year supply agreement with Hilton Food Solutions, ensuring continuity of supply of the high-quality, internationally sourced meat products that Hilton Food Solutions provides to Fairfax Meadow.
As previously announced, Hilton Foods has commenced a project to shape its future strategy and define priorities. The sale of Fairfax Meadow is as a result of the ongoing evaluation of the Group’s activities and represents a further step in aligning the business more closely with its core strengths. Work on this project is progressing well, and a further update will be provided in due course.
Steve Murrells, CEO of Hilton Foods, commented: “Fairfax Meadow is a high-quality business, and we have supported its growth and development since 2021. I want to thank all our colleagues at Fairfax for their hard work and commitment and wish the entire team every success for the future as the business continues to grow under new ownership.
“At Hilton Foods, our objective is clear, to build on the strengths that have long defined our business. By refining our portfolio and focusing resources where our global expertise and strong customer partnerships create the greatest opportunities, we are reinforcing the platform for sustained growth and delivering attractive long-term returns.”
Commenting on the acquisition, Paul Nieduszynski, CEO of Sysco GB, said:
“We are delighted that Fairfax Meadow will be joining the Sysco family. We have a strategic focus on providing the best centre of plate offer in foodservice, and the acquisition of Fairfax Meadow is a crucial next step in our plan to build leadership in the critical meat category.
“Fairfax Meadow is a great business with skilled and experienced colleagues and a superb reputation for producing quality meat, combined with great levels of service.
“We believe this is a complementary fit for Sysco GB, strengthening our fresh meat proposition across the country and bringing even greater value to our customers.”