7th Sep 2021 10:01
(Alliance News) - Hilton Food Group PLC on Tuesday said it has acquired the remaining 50% stake in Dutch vegan and vegetarian products manufacturer Dalco Food BV for an undisclosed sum.
Cambridgeshire-based Hilton Food said the acquisition enhances its position in the "high growth" plant-based and vegetarian market.
The company said that, since Hilton first became a shareholder in 2019, Dalco has "grown significantly and performed ahead of management's expectations."
"This is the next natural step in our ambitions to broaden and diversify Hilton's multi-protein offer. The completion of this transaction will further strengthen Hilton's position within the vegan and vegetarian market, at a time when our customers are increasingly seeking out innovative, high quality vegetarian products at scale," added chief executive of Hilton Food, Philip Heffer.
The London-listed food packing business agreed to acquire its initial 50% stake in Dalco in October 2018.
At that time, Hilton entered a joint venture agreement with Dalco's shareholders, which included an option to acquire the remaining 50% of Dalco's shares in 2024.
However, Hilton has now agreed to acquire the remaining 50% stake in Dalco ahead of this initial date.
Shares in Hilton Food were trading up 1.1% at 1,176.90 pence each in London on Tuesday morning.
By Scarlett Butler; [email protected]
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