Hilton Food Group has announced the acquisition of Foppen, the international smoked salmon producer, in a £77 million deal.
As a result, Hilton is expected to expand its presence in a growing protein category, as well as enter the US market for the first time.
The announcement follows its acquisition of vegan food manufacturer Dalco and meat supplier Fairfax Meadow, and recent expansion with Hilton Seafood.
The transaction will be funded through an equity placing of approximately £75 million, which will largely fund the Foppen acquisition and partially refinance the Fairfax Meadow acquisition.
The deal is subject to approval by the Dutch competition authority and works council.
“The acquisition of Foppen is an exceptional opportunity for Hilton and another step towards our goal of becoming the global protein partner of choice,” Hilton chief executive Phillip Heffer said.
“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.”
Foppen is expected to expand Hilton’s seafood business through its smoked salmon products.
The dutch company brings two smoked salmon facilities located in Harderwijk, the Netherlands and Preveza, Greece, and an experienced management team and workforce.
Foppen chief executive Andre van der Padt added: “We are excited by the future prospects of Foppen under Hilton’s ownership and look forward to working with Philip and the team.
“Foppen’s offer to customers, suppliers and employees will be enhanced as part of Hilton Food Group.”