UK importer and processor Sykes Seafood, which specializes in shrimp and shellfish, has agreed to buy Klaas Puul, the shrimp processing and marketing arm of Dutch Seafood Company (DSC), in a deal which will create a €300 million-turnover pan-European seafood business.
The sale of Sykes represents an exit for private equity H2 Equity Partners, which also owns Foppen Groep, a salmon smoker, under DSC.
H2 received permission in 2018 to merge Klaas Puul and Foppen, but post-sale will focus on growing Foppen's smoked salmon business, according to the press release.
The transaction is expected to be completed by the end of February 2020. The value of the deal was not disclosed.
The two businesses are working together with immediate effect to ensure a smooth transition for Klaas Puul, to the benefit of its customers, suppliers and employees, said Sykes.
"Sykes Seafood recognizes the strength of Klaas Puul’s brand, trusted reputation and loyal employees who have helped to build a market-leading business in Europe, which compliments Sykes’ operations in the UK. Sykes has long admired the Klaas Puul business and the work done by the Mooijer family and latterly DSC," said the UK based, privately-owned company.
The combined firms will offer customers across Europe a wide range of high-quality products in chilled and frozen formats for the retail, foodservice and food manufacturing sectors. "The two businesses already share many synergies and similarities, and the joining of the two businesses will provide a solid background for future growth and allow greater efficiencies in sourcing and production expertise. Both businesses operate highly efficient and automated production facilities which are configured for high-quality and high-volume production outputs."
Sykes fulfills acquisition goal
Klaas Puul was founded by Evert Mooijer, an entrepreneur from Volendam, the Netherlands. "Through his unique vision and determination, [Mooijer] created one of Europe’s largest seafood processing companies," said Sykes in a statement.
"More recently under DSC’s ownership, Klaas Puul has continued to grow and has benefited from substantial capital investment to further support its infrastructure within its state-of-the-art processing factories in Volendam, Edam and Tangier (in Morocco)."
"The Sykes Seafood management team very much look forward to working with Klaas Puul’s customers, suppliers and employees to continue to build a respected, progressive business that supports our industry for years to come," it said.
The firm added the transaction will allow DSC to focus on accelerating the growth of Foppen Groep, its smoked salmon operation.
The transaction is, amongst others, subject to works council and required regulatory approvals.
Sykes’ deal for Klaas Puul sees a smaller company taking over a larger one; Sykes reported full-year revenues of £104.45m in 2018, with pre-tax profit of £3.47m, while Klaas Puul was at €200m in turnover in 2016.
It also follows a late bid by Sykes for Young’s Seafood earlier this year, in a deal which would’ve also seen Sykes swallow a much larger company; Young’s reported a turnover of £545.9m in 2018.
Industry sources told Undercurrent News the latter deal was backed by the UK-arm of US-based HPS Investment Partners, which held around a third of Young’s shares at the time. Young’s was eventually acquired by CapVest this summer.
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December 23, 2019 at 08:15PM
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Sykes Seafood inks deal for Dutch shrimp firm Klaas Puul - Undercurrent News
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