Hilton Food Group has announced it has acquired 100% of the share capital of Fairfax Meadow Europe Limited, the leading meat supplier to the UK foodservice sector, paying cash consideration of £23.8m.
The acquisition of Fairfax Meadow will improve access for Hilton to the out-of-home channel, using existing partnerships and contributing to further sustainable growth for the business.
It revealed Fairfax generated an EBITDA loss of £2.3m in the year that ended 31 December 2020, after adjusting for “exceptional” items and reflecting the “significant” impact of Covid, in comparison to a profit of £4.4 m in the year previous.
According to Hilton, Fairfax is now recovering strongly following the impact of Covid-19, as the UK hospitality and travel sectors fully reopen.
Philip Heffer, CEO of Hilton, said: “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.
“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.”
Penny Tomlinson, managing director at Fairfax Meadow, added: “I’m delighted that Fairfax Meadow will be joining Hilton Food Group. 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.”