TIDMHFG
RNS Number : 6413Q
Hilton Food Group PLC
29 October 2021
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
29th October 2021
H ilton Fo od Gr o up plc
Hilton acquires Fairfax Meadow, the leading meat supplier to the
UK foodservice sector
Hilton Food Group ("Hilton"), the international multi-protein
food business, today announces its wholly owned subsidiary, Hilton
Foods Limited has acquired 100% of the share capital of Fairfax
Meadow Europe Limited ("Fairfax Meadow"), the leading meat supplier
to the UK foodservice sector from Argent Holdings Limited.
Fairfax Meadow was established over 40 years ago and supplies
some of the largest businesses in the UK hospitality and travel
sectors. The business operates from four meat processing and
packing facilities in Derby, Milton Keynes, North London and
Southampton. The business is now recovering strongly following the
impact of Covid-19, as the UK hospitality and travel sectors fully
reopen.
The acquisition of Fairfax Meadow will improve access for Hilton
to the out-of-home channel, harnessing existing partnerships and
contributing to further sustainable growth for the business. This
development into the foodservice sector will ensure that Hilton is
the protein partner of choice for customers across more mealtimes
and meal occasions.
Hilton has paid cash consideration of GBP23.8 million , taking
into account adjustments for net debt and normalised working
capital. The acquisition has been funded from the Group's debt
facilities.
The business that Hilton has acquired generated an EBITDA loss
of GBP2.3 million in the year ended 31(st) December 2020, after
adjusting for exceptional items and reflecting the significant
impact of Covid, and an EBITDA profit of GBP4.4 million in the year
ended 31(st) December 2019. The combined([1]) value of the
business's gross assets was GBP20.1 million at 31(st) December 2020
based on audited statutory accounts prepared under UK GAAP. The
acquisition constitutes a class 2 transaction under the UK Listing
Rules.
Hilton's CEO, Philip Heffer, commented:
"I am very pleased to announce the acquisition of Fairfax
Meadow, the leading meat supplier to the UK foodservice sector.
This transaction is all about growth. With its award-winning
reputation, Fairfax Meadow represents a great opportunity for
Hilton to expand into an adjacent and growing foodservice sector in
the UK. It is another step towards our goal of becoming the protein
partner of choice for every meal occasion - offering high quality,
affordable, and rigorously sourced proteins for customers and
consumers here in the UK and across the world.
"We look forward to leveraging Hilton's expertise, reputation
and investment to grow and expand the Fairfax business, and we plan
to offer Hilton's broad product range, including sous vide, seafood
and alternative protein products, to Fairfax's customers."
Fairfax Meadow Managing Director, Penny Tomlinson, added:
"I'm delighted that Fairfax Meadow will be joining Hilton Food
Group. Fairfax Meadow is built on a foundation of longstanding,
strong, customer and supplier relationships which we will continue
to develop as we move forward together. Philip and the team at
Hilton have followed our progress closely over the past few years
and by joining forces now, we will have the right platform and
investment for the next phase of Fairfax Meadow's growth.
"With Hilton's retail supply chain expertise, quality management
and leading sustainability standards, together with our
longstanding reputation for butchery and foodservice excellence,
this is a fantastic opportunity. I am excited for the next stage of
our development as I continue to lead Fairfax Meadow within the
Hilton family and to seeing the positive impact for our teams, our
customers and our suppliers. I want to thank Argent Food Group for
their support in making Fairfax Meadow the UK's favourite
foodservice catering butcher."
Footnotes:
[1] The acquisition includes the business and assets of
Tendercut Meats Limited, which were transferred to Fairfax Meadow
on 31(st) March 2021.
Notes to editors
About Hilton:
Hilton Food Group plc is a leading international multi-protein
producer, serving customers and retail partners across the world
with high quality meat, fish, vegan and vegetarian foods and
meals.
We are a business of over 5,000 employees, operating from 19
technologically advanced food processing, packing and logistics
facilities across 16 markets in Europe and Australasia.
For almost thirty years, our business has been built on
dedicated partnerships with our customers and suppliers, many
forged over several decades, and together we target long-term,
sustainable growth and shared value.
We supply our customers with high quality, traceable, and
assured food products, with high standards of technical excellence
and expertise. For more information, please visit
www.hiltonfoodgroupplc.com
About Fairfax Meadow:
Fairfax Meadow is the UK's favourite foodservice catering
butcher and has been putting great meat on the menu for almost 50
years. Our unrivalled heritage, scale and expertise allow us to
provide great quality meat and excellent service, consistently.
We offer a national supply of a huge range of meat products
including our own Casterbridge West Country PGI Dry Aged Beef and
our award-winning burgers and sausages. We are proud to have won
Butcher and Supplier of the Year awards consistently over two
decades.
We are experts in supplying the casual dining, hotels, travel
and leisure and contract catering sectors.
For further information please contact:
Hilton Food Group plc Tel: +44 (0) 1480 387214
Philip Heffer, CEO
Nigel Majewski, CFO
Headland Consultancy Tel: +44 (0) 20 3805 4822
Edward Young
Will Smith
Joanna Clark
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