HFR specialises in sous vide products, which are cooked by sealing the food in a plastic pouch or glass jar then submerging this in a hot water bath for an extended period of time. The Hilton Food Group hopes that the acquisition will extend its product range and enable the expansion of its food processing and packaging business into the sous vide market, reaching a whole new sector of retailers and food service customers.
HFR director Graham Heffer said of the sale: “We are pleased with Hilton’s acquisition of HFR as it will enable the business to benefit from Hilton’s expertise, improve its operations and continue to focus on giving our customers the right products at competitive prices.”
The purchase is structured so that £100 is paid on completion of the deal with a deferred full payment payable within three years. This is estimated to be £3.3m, with the exact amount depending on the performance of the business.
Hilton executive chairman Robert Watson said: “This acquisition represents an exciting opportunity for Hilton to broaden its offering in a fast-growing segment of the market and meet our customers’ demands for Hilton to supply them with a range of innovative, high quality sous vide products.”
Hilton has also bought a 50 per cent shareholding in Dalco Food, a Dutch manufacturer of vegetarian food products.
Think Sandwell wishes HFR all the best under its new owners. To find out how we can help you grow your company, visit our business services pages.