Hilton Food Group plc (LSE:HFG) agreed to acquire Dutch Seafood Company B.V. from H2 Equity Partners B.V. and A. P. van der Padt for an enterprise value of €90 million on December 10, 2021. The transaction will be funded through: equity placing of approximately €87.8 million, that will predominantly fund the Foppen acquisition and partially refinance the previously announced acquisition of Fairfax Meadow, representing an increase of approximately 8% of the current issued ordinary share capital of the Company, as announced separately; balance funded through a committed acquisition bridge facility. The transaction is expected to be accretive to earnings per share in the first twelve months for Hilton while ensuring net leverage remains below 2.0x. Dutch Seafood Company reported revenue as approximately €140 million and adjusted underlying EBITDA of €10 million for the period end on March 31, 2021. Completion of the transaction is subject to Dutch competition authority and works council approval. As of January 13, 2022, the transition has been approved by Dutch competition authority.

Edward Young, Will Smith and Joanna Clark of Headland Consultancy acted as communication advisors to Hilton Food Group in the transaction. Lisa van Bekkum, Giovanni Chin, Okke Bogaerts and Reinier Henneman of Rabobank acted as financial advisor to H2 Equity Partners. Stamford Partners LLP acted as financial advisor to Hilton Food Group plc.

Hilton Food Group plc (LSE:HFG) completed the acquisition of Dutch Seafood Company B.V. from H2 Equity Partners B.V. on March 16, 2022. Under the terms, Hilton Food paid £25 million (€29.2 million) in cash and repaid £54.7m (€64 million) of Dutch Seafood's bank and other borrowings.