Dutch Seafood Company acquired by Hilton Food Group

NETHERLANDS Food Processing / Food Products EV €50–150M

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 [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of 5x–12x.

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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.

Ent. Value

€50–150M

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2021

2020

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REFERENCES

Valuation range: EV €50–150M

Revenue range: €100–200M

EBITDA range: €5–25M

EV/Revenue range: below 1.5x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Dutch Seafood Company by Hilton Food Group are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

FAQ

What transaction does this page cover?

This page covers Hilton Food Group’s acquisition of 100% of Dutch Seafood Company, a Dutch company specialised in Food Products, in 2022.

How was the acquisition of Dutch Seafood Company by Hilton Food Group valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €50–150M band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the below 1.5x range. Exact figures are available to members.

What were Dutch Seafood Company’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Dutch Seafood Company generated annual revenue estimated in the €100–200M range and EBITDA in the €5–25M bracket (FY 2021). Detailed financial figures are available to members.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

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