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Sykes Seafood Acquires Klass Puul – Zeus Capital acted as exclusive financial adviser to Sykes Seafood on its successful acquisition of Klaas Puul from the Dutch Seafood Company (“DSC”) and H2 Equity Partners.

Klaas Puul is one of the largest shrimp processors in Europe with operations in the Netherlands, Germany, Belgium, Denmark and Morocco. The company has over 3,500 employees with annual revenues of €130m. The business was part of DSC, a portfolio company of H2 Equity Partners.

Sykes Seafood, a UK based, privately owned company, focused on providing customers with quality seafood which is sourced sustainably to the highest technical standards, is best known for supplying warm water shrimp to the UK food Retail and Foodservice industries.

The combination of Sykes Seafood and Klaas Puul will create a €300m Pan European seafood business with expertise in all species of shrimp that will offer customers across Europe a wide range of high-quality products in chilled and frozen formats for the Retail, Foodservice and Manufacturing sectors.

The complex transaction involved multiple stakeholders across Europe and was successfully delivered during uncertain market conditions due to the COVID-19 pandemic.

Zeus Capital’s Corporate Finance team, led by Gareth Davies, supported by Tim Evans, AJ Reus and Sam Hyles have advised Sykes Seafood on an ongoing basis for the past 2 years. The team advised Sykes throughout the acquisition process, including securing financing from three European banks and assisting with structuring to support the Group’s growth ambitions.

Zeus Capital is a leading adviser to mid-cap private and public companies. Zeus Capital combines its deep sector knowledge with senior led advice throughout a transaction thereby adding significant value to clients. Zeus Capital has acted on 143 transactions across public and private markets, which have raised a total of £6.3bn.

Alan Dale, Managing Director of Sykes Seafood, said: “The Zeus team have been fantastic to work with on this deal lead by Gareth Davies, they have supported us really well throughout the transaction, the true testament of that is that we would be delighted to use them again on the next deal that we do.

“The combination of Sykes and Klaas Puul is something that is very exciting to us as it gives us a platform to conclude further Pan European deals with our core customers and also gives us the additional production capacity that we desperately needed in order to grow our sales.”

Gareth Davies, Head of Corporate Finance in London at Zeus Capital, said: “It has been a pleasure advising Sykes on this transaction and working with their highly talented and ambitious management team. We were able to support the team in completing this transaction despite the incredibly challenging macro-conditions, which included securing a debt financing package from three European banks.

“The combination of Sykes and Klaas Puul creates a highly focused and specialised business and the perfect platform for further European acquisitions. We look forward to working with Sykes and Klaas Puul on the next stage of their journey and supporting them in delivering their strategic objectives.”