Hilton Foods acquires Fairfax Meadow meat supply operation
Hilton Foods Ltd. acquired 100% of the share capital of Fairfax Meadow Europe Ltd., a leading supplier of meat to the UK restaurant industry, from Argent Holdings Ltd.
Fairfax Meadow was established over 40 years ago and supplies some of the largest businesses in the UK hospitality and travel industries.
Hilton Foods is a wholly owned subsidiary of the Hilton Food Group, which supplies Tesco Ireland from premises in Drogheda, Co Louth.
The group’s current chairman is Northern Irish businessman Robert Watson.
Meat supply for Hilton Foods
Fairfax Meadow operates from four meat processing and packaging facilities in Derby, Milton Keynes, North London and Southampton.
Activity is now recovering strongly from the impact of Covid-19, as the UK hospitality and travel sectors fully reopen.
The acquisition of Fairfax Meadow is expected to improve Hilton’s access to the out-of-home channel, contributing to sustainable growth for the business.
According to the company, this development in the restaurant industry will help ensure that Hilton is the protein partner of choice for guests across more meal times and more dining occasions.
Hilton paid cash consideration of £23.8 million, taking into account net debt and normalized working capital adjustments. The acquisition was financed by the group’s credit facilities.
Hilton CEO Philip Heffer said, “I am very pleased to announce the acquisition of Fairfax Meadow, the leading supplier of meat to the UK foodservice industry.
“This transaction is about growth. With its award-winning reputation, Fairfax Meadow represents a great opportunity for Hilton to expand into an adjacent and growing UK restaurant industry.
“This is another step towards our goal of becoming the protein partner of choice for every mealtime occasion, delivering high quality, affordable and rigorously sourced protein for customers and consumers in the UK and around the world,” he added.
Fairfax Meadow general manager Penny Tomlinson said the company has been built on strong, longstanding relationships with customers and suppliers.
“With Hilton’s expertise in retail supply chain, quality management and industry-leading sustainability standards, as well as our long-standing reputation for excellence in butchery and restoration, this is a fantastic opportunity,” she said.
“I am excited about the next stage of our development as I continue to lead Fairfax Meadow within the Hilton family and see the positive impact for our teams, guests and suppliers.”