HELSINKI: Finnish food company Apetit Plc said on Thursday it has agreed to acquire Sweden-based frozen pea producer Foodhills AB, in a move aimed at strengthening its Nordic footprint and boosting its vegetable-based food operations.
The deal, expected to close by Nov. 30 pending regulatory approval from Sweden’s Inspektionen för strategiska produkter (ISP), will see Apetit take full ownership of Foodhills AB for a nominal purchase price of 100 Swedish kronor (SEK). Apetit will also repay SEK 20–30 million in loans previously granted by Foodhills’ former owner, based on a debt-free enterprise value of SEK 60 million.
Foodhills, headquartered in the Skåne region, is Sweden’s largest cultivator and producer of frozen peas, with 2024 net sales of SEK 167.8 million and an operating loss of SEK 54.7 million. The company has invested over SEK 200 million in its Bjuv production facility since 2018 and works with approximately 300 contract farmers across Skåne and Halland.
“This acquisition gives Apetit a strong platform in Sweden and supports our strategic goals of expanding frozen pea production and reinforcing our Nordic presence,” CEO Esa Mäki said in a statement. “We estimate that Apetit will produce over 10% of Europe’s frozen peas following the transaction.”
Foodhills will be integrated into Apetit’s Food Solutions segment, which is expected to see a 20% increase in net sales. The short-term impact on earnings before interest and taxes (EBIT) is projected to be neutral or slightly negative, with a modest positive effect anticipated over time.
Apetit said the fair value of Foodhills’ net assets exceeds the purchase price, and the difference will be recognized as other operating income under IFRS 3 accounting standards.