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Hilton Food Group agrees to sell majority stake in Foods Connected
(Sharecast News) - Hilton Food Group announced on Tuesday that it has agreed to sell a majority stake in its supplier management platform, Foods Connected, to the Apax Global Impact Fund in a deal that will see the FTSE 250 food group receive £22m in cash. Following completion, Hilton Foods said it would retain a 26% shareholding in the business, which provides real-time data solutions to optimise supply chains, improve cost efficiency, and enhance food safety and sustainability.
Hilton said the investment from Apax would support the next phase of growth for Foods Connected by providing capital and access to the firm's technology expertise.
The platform, originally developed in-house, had become a central pillar in Hilton's end-to-end supply chain strategy.
"We're delighted to be partnering with [the] Apax Global Impact team, who have the right experience, capabilities and infrastructure to help us realise, at pace, the full scale of the opportunities ahead for Foods Connected," said Steve Murrells, chief executive of Hilton Foods.
"This partnership positions Foods Connected to deliver greater value to customers and remains central to our strategy.
"This strategic investment strengthens our ability to meet clients' evolving needs, underscores the platform we've built and enables us to sharpen our focus on our core food business."
Edward Donkor, partner at Apax Global Impact, said the firm saw a clear opportunity to back a scalable solution in a sector still reliant on outdated tools.
"We've been closely following the food safety sector worldwide, and Foods Connected stood out as a strong platform to invest behind," he said.
"Together, we'll invest in new markets, strengthen sales and marketing, pursue strategic acquisitions, and increase value for existing customers through expanded capabilities and resources."
The deal remained subject to customary regulatory approvals.
At 0914 BST, shares in Hilton Food Group were up 0.95% at 853p.
Reporting by Josh White for Sharecast.com.
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