Icelandic Group is pleased to announce the completion of the sale for cash of its UK-based subsidiary Icelandic Group UK (“Seachill”), to Hilton Food Group (“Hilton”), a leading specialist international meat packing business, for an Enterprise Value of GBP 84 million. The sale was announced on 18 October 2017 and completed today, 7 November 2017.
The Seachill sale process, announced by the Board of Icelandic Group in April 2017, received significant interest from multiple parties on a global basis. Oghma Partners and Íslandsbanki acted as joint financial advisors to Icelandic Group. LOGOS Legal Services acted as legal advisers to Icelandic Group.
Seachill will become a standalone division of Hilton 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.