Poultry group Scandi Standard has agreed to acquire Glenhaven Foods, an Irish producer of frozen breaded chicken products.
In a statement today (30 July), the Sweden-listed company said the deal, struck for an enterprise value of €127m ($145.7m), “strengthens” its position in the “value-added” and ready-to-eat chicken segments.
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Scandi Standard added the transaction also creates a “stronger platform for growth” in the UK and will further build its position in Ireland, where its operations are led by Manor Farm, a business it acquired in 2017.
Scandi Standard CEO Jonas Tunestål said: “Glenhaven Foods is an excellent strategic fit for Scandi Standard. The acquisition strengthens our position in value-added and ready-to-eat poultry products, expands our presence in Ireland and the UK and brings a highly capable team with a strong track record of profitable growth.
“We are delighted to welcome Glenhaven Foods to our Irish business, led by Manor Farm, and look forward to building on the strong foundations already established.”
Based in Arklow in County Wicklow, Glenhaven Foods supplies retail, foodservice and quick-service restaurant customers in Ireland and the UK.
According to its website, Glenhaven Foods produces a range of fully cooked, frozen chicken products, including goujons, shredded options, and fillets. The business employs about 190 people.
Glenhaven Foods’ co-owner and CEO Barry Cahill said: “We truly believe Scandi Standard and Manor Farm are the right partners for our next chapter.
“They bring the scale and ambition to help us grow, while holding onto the family values that make Glenhaven what it is today.”
Scandi Standard plans to finance the takeover by using a mix of existing credit facilities and proceeds from a rights issue of around Skr408m ($42.5m).
The purchase will be a mix of cash and an interest-free debt offering totaling roughly a third of the deal price, due within a year of completion.
The transaction is expected to close in the current third quarter.
Scandi Standard sells ready-to-eat, chilled and frozen products under brands including Kronfågel, Danpo, Den Stolte Hane and Naapurin Maalaiskana.
The group employs more than 3,600 people. It posted sales last year of Skr14bn, up 8% from the previous 12 months and 11% in constant-currency terms.
EBITDA climbed 13% to Skr1.05bn, while EBIT rose 18% to Skr603m. Net profit increased 34% to Skr367m.
The Glenhaven Foods deal follows a series of international moves by the company.
Last year, Scandi Standard snapped up manufacturing assets from Tyson Foods in the Netherlands.
In 2024, it acquired a poultry processor in Lithuania, along with a plant, farms and land.
