Scandi Standard acquires Glenhaven Foods in US$145.7M deal

SWEDEN – Swedish poultry producer Scandi Standard has agreed to acquire Irish frozen chicken products manufacturer Glenhaven Foods in a transaction valued at US$145.7 million, a move that will expand its presence in the prepared and ready-to-eat poultry category while increasing its operations in Ireland and the UK.

The company said the acquisition, which values Glenhaven Foods at an enterprise value of US$145.7 million, is expected to strengthen its offering of value added poultry products and provide additional opportunities for growth through its existing Irish subsidiary, Manor Farm, which Scandi Standard purchased in 2017.

Scandi Standard Chief Executive Officer Jonas Tunestål said Glenhaven Foods complements the group’s existing business and will add expertise in prepared poultry products while extending its reach across the Irish and British markets through an experienced management team with a history of profitable operations.

Meanwhile, Tunestål said the company looks forward to integrating Glenhaven Foods into Manor Farm’s operations and building on the business already established in Ireland.

Financing and growth plans

Glenhaven Foods operates from Arklow in County Wicklow and manufactures fully cooked frozen chicken products including fillets, goujons and shredded chicken for retail chains, foodservice operators and quick service restaurant customers across Ireland and the UK, while employing about 190 people.

Commenting on the transaction, Glenhaven Foods Chief Executive Officer and co owner Barry Cahill said Scandi Standard and Manor Farm are well positioned to support the company’s next stage of development while preserving the family values that have shaped the business.

Scandi Standard plans to finance the purchase using a combination of its existing credit facilities and proceeds from a rights issue worth about US$42.5 million, while approximately one third of the purchase price will be settled through an interest free debt arrangement payable within one year after the transaction is completed.

The company expects the acquisition to close during the third quarter of this year, subject to the completion of the required processes.

Scandi Standard markets chilled, frozen and ready to eat poultry products under brands including Kronfågel, Danpo, Den Stolte Hane and Naapurin Maalaiskana, and employs more than 3,600 people across its operations.

The group reported revenue of about US$1.46 billion last year, representing an 8% increase from the previous year and an 11% rise on a constant currency basis, while EBITDA grew 13% to approximately US$109.7 million, EBIT increased 18% to around US$63.1 million and net profit climbed 34% to nearly US$38.4 million.

The Glenhaven Foods acquisition follows Scandi Standard’s recent expansion outside its core Nordic markets after it acquired manufacturing assets from Tyson Foods in the Netherlands last year and purchased a Lithuanian poultry processor together with its processing plant, farms and land in 2024.

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