DUTCH SEAFOOD COMPANY acquired by HILTON FOOD GROUP
Context
Hilton Food Group plc completed the acquisition of Dutch Seafood Company B.V. from H2 Equity Partners B.V., securing full ownership of the smoked salmon specialist. Rationale centers on diversifying Hilton's protein portfolio into high-growth seafood, leveraging Foppen's leadership in U.S. smoked specialties (61% sales) and Dutch retail via Costco and Albert Heijn. Complementary footprints enable cross-selling, new customer wins, and U.S. market entry, aligning with smoked salmon demand surges (29% U.S. grocery growth, 11% Dutch) while bolstering specialty offerings like toast salmon. Post-deal focus targets earnings accretion within 12 months, net leverage below 2.0x, and regulatory clearances secured from Dutch authorities.
DUTCH SEAFOOD COMPANY, which reported an EBITDA margin of in 2021, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the AgriFood sector (10.7x).
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Target
Dutch Seafood Company B.V., headquartered in Harderwijk, Netherlands, operates as a specialist in premium smoked seafood products under the Foppen brand. The company manufactures and markets a wide range of smoked salmon items, including traditional cold-smoked slices, specialty toast salmon, hot-smoked variants, and kosher-certified options, alongside complementary products like smoked eel, trout, shrimp, and shellfish processing. These delicatessen are distributed to retailers and foodservice clients, emphasizing proprietary smoking techniques using a unique oak and beech wood blend for distinctive flavor and texture. Tracing roots to 1918, Foppen has evolved into a market leader in smoked salmon across Europe and the U.S., with facilities in the Netherlands and Greece supporting 24/7 production across five processing and fifteen packaging lines.
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REFERENCES
Valuation range: EV 50M - 150M EUR
Revenue range: 100M - 200M EUR
EBITDA range: 5M - 25M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Acquirer: hilton food group