10th Dec 2021 09:00
(Alliance News) - Hilton Food Group PLC on Friday said it has acquired Dutch Seafood Co, the owner of smoked salmon producer Foppen, at an enterprise value of EUR90.0 million.
The FTSE 250-listed food packaging firm said the move expands its presence in a growing protein market, as well as entering the US, a new territory for Hilton. The deal will also see Hilton benefit from the development of ties with existing customer Albert Heijn in the Netherlands, with "significant cross-selling opportunities to both Hilton and Foppen's existing international customer bases".
In addition, Hilton Food launched an equity placing to raise gross proceeds of around GBP75 million to part fund the acquisition, with the remainder coming from a bridge debt facility. The Cambridgeshire-based firm said the share placing is to be conducted by Numis as sole bookrunner.
Hilton's Chief Executive 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."
Shares were trading down 0.4% at 1,190.70 pence each in London on Friday morning.
By Will Paige; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Hilton Foods