Scandi Standard strengthens its position in Europe through the acquisition of Glenhaven Foods
Scandi Standard Acquires Irish Frozen Food Specialist Glenhaven Foods for 127 Million Euros
Scandi Standard AB (publ) (SCST SS) has entered into an agreement to acquire Glenhaven Foods, one of Ireland’s market-leading producers of frozen breaded chicken products. The acquisition strengthens Scandi Standard’s position in the attractive Ready-to-Eat and value-added poultry category, and significantly expands the Group’s presence in the UK and Ireland. The acquisition also supports the company’s ambition to become Europe’s leading chicken company. Glenhaven Foods is a supplier to leading retail, foodservice and quick-service restaurant customers across Ireland and the UK. They offer a strong platform for further growth through recent investments and available manufacturing capacity. The acquisition is expected to increase EPS by more than 10 percent and provides an attractive entry point into one of Europe’s largest markets for value-added chicken products. Glenhaven Foods is being acquired at an enterprise value of EUR 127 million. Scandi Standard intends to finance the acquisition with proceeds from a rights issue of approximately SEK 408 million and the group’s available credit facilities. Completion of the acquisition is subject to customary conditions.
The transaction
Founded in 1986 and based in Arklow, Co. Wicklow, Glenhaven Foods is one of Ireland’s market-leading producers of frozen value-added poultry products. The company is a supplier to major retail, foodservice and quick-service restaurant customers across Ireland and the UK and has built a strong reputation for product innovation, product quality and long-standing customer relationships. Recent investments have expanded production capacity and created a solid platform for future growth. Glenhaven employs approximately 190 people.
The acquisition further strengthens Scandi Standard’s portfolio of value-added and Ready-to-Eat products and adds a clear market-leading position in an attractive category. It also creates a stronger platform for growth in the UK market, one of Europe’s largest markets for value-added poultry products, while building on Manor Farm’s leading position in Ireland.
“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”, says Jonas Tunestål, CEO of Scandi Standard.
“My parents, David and Evanne, started Glenhaven Foods more than 40 years ago, and it has been at the heart of our family ever since. Since my sister Emma and I stepped into leadership roles, we’ve been incredibly proud to experience the foundation they built, the customer relationships they developed and the brilliant team that is the bedrock of the business. Glenhaven’s success is down to the hard work of our colleagues, our focus on quality, and always putting our customers first. 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”, says Barry Cahill, CEO and co- owner of Glenhaven Foods.
Purchase price and financing
Scandi Standard is acquiring Glenhaven Foods at an enterprise value of EUR 127 million, which corresponds to an EV/EBIT multiple of approximately 8.2x based on normalised EBIT for 2025. The purchase price consists of a combination of cash and an interest free vendor note, equivalent to approximately one third of the purchase price, payable within one year following completion of the acquisition. The deferred vendor consideration contributes to a balanced financing structure while contributing to maintaining aligned interests between the parties as well as supporting a smooth transition following completion.
Scandi Standard intends to finance the acquisition through proceeds from the rights issue of approximately SEK 408 million (see “Rights issue and EGM” below), in combination with the Group’s available credit facilities.
The acquisition offers an attractive valuation and is expected to result in an EPS (Earnings Per Share) accretion of more than 10 percent, calculated on the total number of shares outstanding following completion of the rights issue. It provides Scandi Standard with a stronger position in the growing Ready-to- Eat category and significantly expands the Group’s presence in the UK, one of the largest value-added poultry markets in Europe. In addition, the transaction adds a profitable, well-run business with substantial unutilised production capacity, an experienced management team and a strong market position in Ireland.
Jonas Tunestål states:
“The transaction and an attractive acquisition multiple are expected to contribute positively to EPS and thereby to our financial objectives. The acquisition also provides a compelling platform for growth in Ireland and the UK, where Glenhaven has built strong customer relationships and a leading market position.”
Rights issue and EGM
The rights issue is expected to comprise a maximum of 3,268,143 new ordinary shares at a subscription price of SEK 125 per share. The Board of Directors is expected to resolve on the rights issue later today, conditional upon the subsequent approval by the EGM that is planned to be held on 26 August 2026.
Further information regarding the rights issue and a notice convening the EGM will be published separately today.
Closing and shareholders’ support of the rights issue
Completion of the acquisition of Glenhaven Foods is subject to customary conditions. Larger shareholders of Scandi Standard, in aggregate representing approximately 63 percent of all shares and votes in Scandi Standard, have undertaken to vote in favour of the rights issue at the EGM and to subscribe for their respective pro rata shares of the rights issue. In addition, such shareholders have, subject to the EGM’s approval of an underwriting commitment fee, offered to guarantee full subscription of the remaining shares in the rights issue that are not covered by pro rata subscription commitments.
The acquisition of Glenhaven Foods is expected to close during the third quarter of 2026.
Advisers
Davy and Rabobank have acted as financial advisers, Matheson, Ro Sommernes and Gernandt & Danielsson have acted as legal advisers and Deloitte Ireland have acted as financial and tax DD advisers to Scandi Standard.
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