UK-based protein processor’s deal takes it into US

The transaction, which is subject to Dutch competition authority and works council approval, would boost Hilton’s presence in multiple protein categories. It follows its acquisitions of vegan and vegetarian food manufacturer Dalco and Fairfax Meadow​ in the past three months and its expansion into Hilton Seafood, together with several years of sustained growth in seafood and plant-based foods by the business.

Hilton part-funded this latest acquisition by an equity placing to raise gross proceeds of £75m, some of which would also partially finance the Fairfax Meadow acquisition.

Hilton said Foppen’s smoked salmon offer diversified Hilton into a protein category with a strong growth outlook. Foppen is focused on added-value speciality smoked salmon products, for example toast salmon, offering a differentiated portfolio of products. The newly acquired business is expected to open up new customers for Hilton in the US – a new strategic market for it.

Develop relationship with Albert Heijn

Taking over Foppen would also help develop Hilton’s existing customer relationship with Albert Heijn in the Netherlands and offer significant cross-selling opportunities to Hilton and Foppen’s international customer bases, according to Hilton.

Foppen is also expected to significantly expand the scale of Hilton’s seafood business with potential to deliver procurement and other savings. It brings two well-invested, dedicated smoked salmon facilities in Harderwijk, the Netherlands and Preveza, Greece, and an experienced management team and workforce.