Hilton Food snaps up Dutch seafood company Foppen to grow protein category and enter new markets
The Hilton Food Group, the multi-protein food business, has acquired the smoked salmon producer, Dutch Seafood Company B.V., which trades as “Foppen”, this morning, expanding its presence in a growing protein category, as well as entering the US, a new geography for Hilton.
Hilton has also today launched an equity placing to raise gross proceeds of approximately £75m to part fund the acquisition.
The purchase follows the recent full acquisition of Dalco, a leading vegan and vegetarian food manufacturer, the acquisition of Fairfax Meadow, as well as Hilton’s expansion into Hilton Seafood, together with several years of sustained growth in seafood and plant-based foods by the business.
Hilton’s chief exec, Philip Heffer, called it an “exceptional opportunity for Hilton”, he continued: “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.”
As a company, it also stands to benefit from Hilton’s seafood standards and record, with 98 per cent of all Hilton fisheries certified to the MSC and active membership of the UN Global Compact and its Sustainable Ocean Business Action Platform, as well as governance roles on leading global standards bodies such as the Marin Trust, Global Gap and the Responsible Fishing Vessel Scheme.
Andre van der Padt, Foppen chief, therefore echoed the enthusiasm: “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.”
Foppen brings two well-invested, dedicated smoked salmon facilities in Harderwijk, the Netherlands and Preveza, Greece, and a management team and workforce.
Completion of the transaction is subject to Dutch competition authority and works council approval.