Solina, a leading European producer of savoury ingredients for the food industry, announces today the completion of the acquisition of Essential Cuisine Limited from Nigel Crane, Neil Corlett and Jamie McGregor, the shareholders of the company.
Headquartered in Winsford, U.K., Essential Cuisine has a leading position in the U.K. foodservice market through kitchen-made quality products such as stocks, jus and gravies. Essential Cuisine is a premium foodservice brand trusted and endorsed by chefs across the U.K.
Since founding the company in 1995, Nigel Crane and the shareholders have built an established player in the U.K. foodservice market with 70 employees generating sales of €15 million in 2018. The current management team will stay with the company to support the next growth phase with the existing shareholders remaining within Essential Cuisine until the end of July to ensure a smooth transition. As Solina U.K. Country Manager, Adam Jones will lead the integration program with the local team.
For Solina, the acquisition represents the latest step in its growth strategy across the European food market and its second acquisition in the U.K.
The parties have agreed not to disclose the transaction value.
Oghma Partners LLP acted as exclusive financial advisors to Solina on this acquisition as well as on the acquisition of New Ivory, a transaction which was completed in 2016. This latest transaction follows two and a half years of strategic advisory work undertaken by Oghma Partners on behalf of Solina to identify suitable target businesses to fit with their ongoing build-up strategy in the E.M.E.A. and North America.
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Oghma Partners Advises Icelandic Group on Sale of Seachill to Hilton Food Group
Oghma Partners LLP (“Oghma Partners”) is pleased to announce its role as financial adviser to Icelandic Group on the sale for cash of its UK-based subsidiary Icelandic Group UK (“Seachill”), to Hilton Food Group plc (“Hilton”), a leading specialist international meat packing business, for an Enterprise Value of GBP 84 million. The Seachill sale process, announced by the Board of Icelandic Group in April 2017, received significant interest from multiple parties on a global basis. The transaction is due to complete on or around 7 November 2017.
Seachill will become a standalone division of Hilton following completion, with the existing Seachill management team remaining in place. Simon Smith, the current Seachill Chief Executive Officer, will continue to lead the business as a divisional head of Hilton.
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 from its state-of-the-art facilities. Hilton’s business was established in 1994 to set up and operate a beef and lamb central meat packing facility in Huntingdon, UK. Hilton has grown rapidly and now has six factories across Europe plus two joint ventures which allow the Group’s products to be sold in supermarkets across 14 European countries. Hilton is a publicly traded company listed on the London Stock Exchange.
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