Sysco has acquired UK foodservice supplier Fairfax Meadow from UK meat business Hilton Food Group in a £54m ($75.2m) deal.
In a statement today (29 September), Sysco described Fairfax Meadow as “one of the UK’s leading catering butchers”.
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Fairfax Meadow employs 360 staff and operates three production and distribution sites in the UK: in Derby, Enfield and Eastleigh.
Sysco, one of the world’s largest foodservice suppliers, said Fairfax Meadow will add meat manufacturing capacity to its business in the UK.
Last October, the US giant snapped up Scottish meat and fish supplier. Campbell’s Prime Meat.
Sysco said it now had “an unrivalled national meat distribution network”.
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By GlobalDataPaul Nieduszynski, the CEO of Sysco’s operations in Great Britain, added: “We have a strategic focus on providing the best centre of plate offer in foodservice, and the acquisition of Fairfax Meadow is a crucial next step in our plan to build leadership in the critical meat category.
“We believe this is a complementary fit for Sysco GB, strengthening our fresh meat proposition across the country and bringing even greater value to our customers.”
The deal includes a three-year contract with Hilton Food Group, which will supply Fairfax Meadow with meat products.
Hilton Food Group had owned Fairfax Meadow since 2021. In a London Stock Exchange filing today, the company was “a further step in aligning the business more closely with its core strengths”.
Earlier this month, Steve Murrells, Hilton Food Group’s CEO, said the meat and seafood business had started a project “that focuses on sharpening our future priorities”.
The company said today: “Work on this project is progressing well, and a further update will be provided in due course.”
Murrells added: “By refining our portfolio and focusing resources where our global expertise and strong customer partnerships create the greatest opportunities, we are reinforcing the platform for sustained growth and delivering attractive long-term returns.”
In the first half of Hilton Food Group’s financial year, a six-month period that ran to 29 June, revenue rose 7.6% to £2.09bn.
However, operating profit fell 5.3% to £41.3m. Profit for the period stood at £17.1m, down from £17.9m in the first half of 2024.
In June, the company confirmed plans for its first North American processing and distribution site in Brantford, Ontario.
Earlier this year, the group formed a joint venture with The National Agricultural Development Company (NADEC) in Saudi Arabia.
Hilton Food Group plans to develop facilities in Saudi Arabia, while NADEC will supply the venture and add red meat products to its distribution network.
The UK company will hold a 49% interest, contributing £6.5m ($8.4m) of the initial SAR60m ($16m) investment.
