Grimsby-based Icelandic Group UK (Seachill) has been acquired by Hilton Food Group for a sum of £80.8 million.
Hilton Food Group is a leading specialist international meat packing business and has acquired the seafood processor, which has an enterprise value of £84 million.
The transaction is due to complete on or around November 7.
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.
The company 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.
Hilton’s business was established in 1994 to set up and operate a beef and lamb central meat packing facility in Huntingdon.
Herdís Dröfn Fjeldsted, Chair of the Board of Icelandic Group and CEO of the Icelandic Enterprise Investment Fund (“EIF”) said: “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.
“It is clear that Hilton is very well positioned to deliver further success for the business.”
Simon Smith, CEO of Seachill said: “There is a very strong strategic fit between the businesses, and I believe the transaction will be welcomed by all stakeholders.”