Scandi Standard buys Ireland chicken business Glenhaven Foods

Poultry radical Scandi Standard has agreed to get Glenhaven Foods, an Irish shaper of frozen breaded chickenhearted products.

In a connection contiguous (30 July), the Sweden-listed institution said the deal, struck for an endeavor worth of €127m ($145.7m), "strengthens" its presumption successful the "value-added" and ready-to-eat chickenhearted segments.

Scandi Standard added the transaction besides creates a "stronger level for growth" successful the UK and volition further physique its presumption successful Ireland, wherever its operations are led by Manor Farm, a concern it acquired successful 2017.

Scandi Standard CEO Jonas Tunestål said: "Glenhaven Foods is an fantabulous strategical acceptable for Scandi Standard. The acquisition strengthens our presumption successful value-added and ready-to-eat poultry products, expands our beingness successful Ireland and the UK and brings a highly susceptible squad with a beardown way grounds of profitable growth.

"We are delighted to invited Glenhaven Foods to our Irish business, led by Manor Farm, and look guardant to gathering connected the beardown foundations already established."

Based successful Arklow successful County Wicklow, Glenhaven Foods supplies retail, foodservice and quick-service edifice customers successful Ireland and the UK.

According to its website, Glenhaven Foods produces a scope of afloat cooked, frozen chickenhearted products, including goujons, shredded options, and fillets. The concern employs astir 190 people.

Glenhaven Foods' co-owner and CEO Barry Cahill said: "We genuinely judge Scandi Standard and Manor Farm are the close partners for our adjacent chapter.

"They bring the standard and ambition to assistance america grow, portion holding onto the household values that marque Glenhaven what it is today."

Scandi Standard plans to concern the takeover by utilizing a premix of existing recognition facilities and proceeds from a rights contented of astir Skr408m ($42.5m).

The acquisition volition beryllium a premix of currency and an interest-free indebtedness offering totaling astir a 3rd of the woody price, owed wrong a twelvemonth of completion.

The transaction is expected to adjacent successful the existent 3rd quarter.

Scandi Standard sells ready-to-eat, chilled and frozen products nether brands including Kronfågel, Danpo, Den Stolte Hane and Naapurin Maalaiskana.

The radical employs much than 3,600 people. It posted income past twelvemonth of Skr14bn, up 8% from the erstwhile 12 months and 11% successful constant-currency terms.

EBITDA climbed 13% to Skr1.05bn, portion EBIT roseate 18% to Skr603m. Net nett accrued 34% to Skr367m.

The Glenhaven Foods woody follows a bid of planetary moves by the company.

Last year, Scandi Standard snapped up manufacturing assets from Tyson Foods successful the Netherlands.

In 2024, it acquired a poultry processor successful Lithuania, on with a plant, farms and land.

"Scandi Standard buys Ireland chickenhearted concern Glenhaven Foods" was primitively created and published by Just Food, a GlobalData owned brand.