Hilton Buys Fairfax Meadow For 23.8 Mln Pounds Cash

Hilton Food Group (HFG), a food packaging business, on Friday said its unit Hilton Foods Limited has acquired Fairfax Meadow Europe Limited, a meat supplier to the UK foodservice sector from Argent Holdings Limited, for 23.8 million pounds in cash including debt.

The acquisition of Fairfax Meadow is expected to improve access for Hilton to the out-of-home channel, harnessing existing partnerships and contributing to further sustainable growth for the business.

The acquisition has been funded from the Group's debt facilities, the acquirer said in a statement.

Amidst Covid-19 pandemic, Fairfax Meadow generated an EBITDA loss of 2.3 million pounds in the year ended December 31, 2020. For the 12-month period ended on December 31, 2019, it had also posted an EBITDA profit of 4.4 million pounds.

In addition, the combined value of Fairfax Meadow's gross assets was 20.1 million pounds as on December 31, 2020.

Commenting on the acquisition, Hilton's CEO Philip Heffer said, "Fairfax Meadow represents a great opportunity for Hilton to expand into an adjacent and growing foodservice sector in the UK. It is another step towards our goal of becoming the protein partner of choice for every meal occasion - offering high quality, affordable, and rigorously sourced proteins for customers and consumers here in the UK and across the world."

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