9.10.2025 08:30:00 EEST | Apetit Oyj | Inside information

Inside information: Apetit Plc acquires Swedish frozen peas producer Foodhills AB

Apetit Plc and the owners of Foodhills AB have signed a contract according to which Apetit acquires 100 percent of the shares of Foodhills AB. The acquisition is estimated to be closed November 30, 2025, at the latest.  The acquisition requires approval from the Swedish ISP (Inspektionen för strategiska produkter) authority. Foodhills AB is the largest cultivator and producer of frozen peas in Sweden.

The purchase price for Foodhills AB’s entire share capital is 100 Swedish kronor (SEK). In connection with the acquisition Apetit will pay back in cash part of the loans granted by the previous owner of Foodhills. The amount to be paid is approximately SEK 20-30 million. The final repayment amount will be determined on debt-free enterprise value at the time of the closing of the acquisition. Enterprise value is SEK 60 million. In connection with the closing of the transaction the former owner waives the remaining loan receivables in other respects by converting them into unconditional equity investment.

Acquisition of Foodhills is in line with the growth strategy of Apetit and it strengthens the company's position in Sweden. The acquisition has natural synergies with the current operations of Apetit. The acquisition promotes two of Apetit’s strategic focus areas: Strengthening Apetit's position in Sweden and increasing the volume of frozen peas. With the acquisition Apetit gets a strong platform in the Swedish market.

”I would like to welcome the Foodhills’ employees to the Apetit Group. The acquisition strengthens Apetit’s role as a significant Nordic producer of frozen peas and vegetable-based food. The cultivation area and production capacity of Apetit’s frozen peas will grow significantly with the acquisition. According to our estimates, Apetit will produce over 10 percent of the frozen peas in Europe. Cultivation and production of frozen peas are in the core of Apetit’s expertise”, Esa Mäki, CEO of Apetit says.

Foodhills is a frozen pea grower and producer in Skåne area in Sweden. The net sales of Foodhills AB in 2024 were SEK 167.8 million and operating profit SEK -54.7 million. Since 2018, Foodhills has made investments of over SEK 200 million to the Bjuv production plant. The fields of approximately 300 contract farmers of Foodhills are located in the Skåne and Halland regions.

“The investments made at the Foodhills’ factory in Bjuv enable significant growth both in the Swedish market and in exports. We will immediately begin to develop the commercial operating model and to look into opportunities to increase volume for both frozen peas and other vegetables”, Mäki says.

Operations of Foodhills will be reported as part of the Apetit’s Food Solutions business segment as of the closing of the acquisition. The acquisition increases the net sales of the Food Solutions business segment by approximately 20 %. The short-term impact on EBIT is neutral or slightly negative, after which the impact on EBIT is estimated to be slightly positive. According to a preliminary estimate, the fair value of net assets of the acquired company exceeds the amount of the compensation. The difference will be on the closing date of the transaction recognized as revenue in other operating income as stated in IFRS 3 standard. The precise amount will be calculated in conjunction with preparation of the purchase price allocation calculation.

Apetit specifies its profit guidance: Group’s operating result without the impact of acquisition is estimated to slightly decrease from the comparison year (EUR 9.3 million in 2024).

Apetit Plc

Contacts

• Miika Kemilä, Communications and Sustainability Director, Apetit Oyj, +358104024044, miika.kemila@apetit.fi

About Apetit Oyj

Apetit is a food industry company firmly rooted in Finnish primary production. Our operations are based on a unique and sustainable value chain: we create well-being with vegetables by offering tasty food solutions that make daily life easier and produce high-quality vegetable oils and rapeseed expellers for feeding stuff. Apetit Plc's shares are listed on Nasdaq Helsinki. Read more: apetit.fi