Hilton Food Group has agreed to acquire a leading international smoked salmon producer, Dutch Seafood Company, which trades as Foppen, for an enterprise value of €90 million.
The move will expand Hilton’s presence in a growing protein category, as well as see it enter the US, a new geography for Hilton.
The company has also launched an equity placing to raise gross proceeds of approximately £75 million to part fund the acquisition.
Foppen further brings two smoked salmon facilities in Harderwijk, the Netherlands and Preveza, Greece, and an experienced management team and workforce.
The announcement follows the recent acquisition of Dalco, a vegan and vegetarian food manufacturer, the acquisition of Fairfax Meadow, as well as Hilton’s expansion into Hilton Seafood.
Hilton’s CEO, Philip Heffer, said: “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.”