International meat packing business Hilton Food Group has announced the £80.8 million takeover of chilled UK fish processor Icelandic Group UK Limited (Seachill).
Hilton had previously stated that the acquisition presents an “attractive growth opportunity and entry into the processing and supply of fish in the UK”, as the chilled seafood market within Great Britain has displayed “resilient growth evidenced by a 20-year track record of increasing market value”.
Robert Watson OBE, chief executive of Hilton, commented: “We are pleased the acquisition has completed and look forward to broadening our offering into fish and seafood to our UK and overseas customers.
“We are excited about the opportunities the Seachill acquisition will bring to Hilton and see considerable potential to build the business alongside our existing meat offering.”
The takeover is expected to broaden Hilton’s offering to both the group’s UK and overseas customers, while enhancing earnings in the first full year.
The announcement follows Hilton’s decision to expand its packing capability to New Zealand, where it will construct a new meat processing facility and supply Progressive Enterprises LTD.