Glenhaven Foods acquired by Scandi Standard

Executing its third major international build-up phase following recent integrations of assets in the Netherlands and a specialized processor in Lithuania, Scandi Standard adds the Irish poultry specialist to its portfolio to capture new market shares in the United Kingdom and Ireland. The transaction is structured through a combination of cash and an interest-free vendor note, which represents approximately one-third of the total consideration and is payable within one year following the completion date. To finance the cash portion of the operation, the buying group initiates a rights issue designed to raise approximately 408 million Swedish kronor, issuing up to 3,268,143 new ordinary shares at a subscription price of 125 kronor per share. This equity raise is supplemented by the deployment of the group's available credit facilities. Shareholders representing 63 percent of the voting rights have committed to support this rights issue. The financial architecture includes an agreed multiple of 8.2x based on normalized EBIT projected for 2025. This integration creates a direct bridge with the acquirer's existing Irish operations, establishing a consolidated platform to distribute value-added poultry items across the broader British market. The strategic rationale centers on utilizing unutilized production capacity to increase the output of ready-to-eat meals, directly targeting one of the largest consumer markets for these specific items in Europe. Upon completion, expected during the third quarter of 2026 subject to customary conditions and extraordinary general meeting approval, the acquisition is projected to generate an earnings per share accretion exceeding 10 percent. The advisory consortium structuring the deal includes Davy and Rabobank executing the financial advisory mandate, while legal structuring is managed by Matheson, Ro Sommernes, and Gernandt & Danielsson. Deloitte Ireland completes the transaction perimeter by providing financial and tax due diligence services.