Hilton Foods acquires Fairfax Meadow
Hilton Foods Limited has acquired 100% of the share capital of meat supplier Fairfax Meadow Europe Ltd from Argent Holdings Ltd.
The acquisition was announced via Hilton Food Group, the parent company of Hilton Foods Limited.
Fairfax Meadow was established over 40 years ago and supplies some of the largest businesses in the UK hospitality and travel sectors. The business operates from four meat processing and packing facilities in Derby, Milton Keynes, North London and Southampton.
Hilton said that the acquisition of Fairfax Meadow “will improve access for Hilton to the out-of-home channel, harnessing existing partnerships and contributing to further sustainable growth for the business.”
Hilton has paid cash consideration of £23.8 million, taking into account adjustments for net debt and normalised working capital. The acquisition has been funded from the Group’s debt facilities.
“This transaction is all about growth”
Hilton’s CEO, Philip Heffer, commented: “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. With its award-winning reputation, Fairfax Meadow represents a great opportunity for Hilton to expand into an adjacent and growing foodservice sector in the UK.”
He continued: “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.”
“A fantastic opportunity”
Fairfax Meadow managing director, Penny Tomlinson, added that she was “delighted” that Fairfax Meadow will be joining Hilton Food Group. She said: “With Hilton’s retail supply chain expertise, quality management and leading sustainability standards, together with our longstanding reputation for butchery and foodservice excellence, this is a fantastic opportunity. I am excited for the next stage of our development as I continue to lead Fairfax Meadow within the Hilton family and to seeing the positive impact for our teams, our customers and our suppliers.”