Icelandic Group agrees Seachill sale
Icelandic Group’s UK subsidiary has been sold to meat packing specialist Hilton
Icelandic Group has announced the sale for £84 million of its UK-based subsidiary Icelandic Group UK, to Hilton Food Group, a leading specialist international meat packing business. The transaction is due to complete on 7th November 2017.
Seachill will become a standalone division of Hilton following completion, with the existing Seachill management team remaining in place. Current Seachill CEO Simon Smith will continue to lead the business as a divisional head of Hilton.
“This agreement to sell the business comes after the completion of a very successful re-organisation of our UK businesses under the current management team into a single business known as Seachill, which has given a scale that has enabled the growth of stronger and more successful strategic relationships with customers and suppliers,” said Herdís Dröfn Fjeldsted, Chair of the Board of Icelandic Group and CEO of the Icelandic Enterprise Investment Fund.
Seachill is a major supplier of chilled and frozen natural whitefish and salmon and added value products within the coated and ready-to-eat fish sectors. Seachill is also the owner of The Saucy Fish Co. which has gained recognition and success both domestically and internationally as a modern, consumer- focused brand.
Hilton is a leading specialist international meat packing business, supplying major international retailers. Hilton’s business was established in 1994 and has grown rapidly. It now has six factories across Europe plus two joint ventures which allows the Group’s products to be sold in supermarkets across 14 European countries.
“There is a very strong strategic fit between the businesses, and I believe the transaction will be welcomed by all stakeholders,” commented Seachill CEO Simon Smith.
“Under the ownership of Hilton we will be able to invest further in our facilities and improve our organisational capability to serve our customers better. This is great news for the ongoing success of the business.”