BRUSSELS: Nomad Foods Limited has closed its previously announced buy of European frozen food company Findus Sverige AB from LionGem Sweden 1 AB, which is backed by Highbridge Principal Strategies, Lion Capital LLP and Sankaty Advisors. The deal was for about 500 million pounds.
TORTOLA, British Virgin Islands, Nov. 2, 2015 /PRNewswire/ — Nomad Foods Limited (LSE: NHL) (“Nomad”) announced today that it has completed its acquisition of Findus Sverige AB and its subsidiaries from LionGem Sweden 1 AB (the “Seller”), a company backed by a group of investors including Highbridge Principal Strategies, Lion Capital LLP and Sankaty Advisors, for approximately £500 million. The acquisition includes Findus Group’s continental European businesses in Sweden, Norway, Finland, Denmark, France, Spain, and Belgium, as well as the intellectual property and commercialisation rights to the Findus, Lutosa, and La Cocinera brands in the respective markets. The acquired operations include approximately 1,500 employees and 6 manufacturing facilities.
Through this transaction, Nomad extends its position as the largest frozen food company in Western Europe, with leading market share in 9 countries (UK, France, Sweden, Germany, Italy, Austria, Belgium, Portugal, and Spain). The acquisition reunites Nomad’s existing Findus-branded business in Italy with the brand in other key geographies, strengthening overall presence across the European continent. Including the acquired Findus businesses, Nomad employs over 4,300 people in 15 countries, with 10 factories, and a broad portfolio of product offerings. This scale and reach will help Nomad execute on its innovation strategies while using consumer insights to tailor its offering for local markets.
Stéfan Descheemaeker, Nomad’s Chief Executive Officer, said, “The complementary nature of our footprint and the strength of our combined brands across Europe significantly enhance Nomad’s scale and competitive offering. The Birdseye, Iglo, and Findus brands have played key roles in defining the frozen food category over the past decades, and together will be better positioned to continue bringing fresh and ‘better-for-you’ meal options to consumers across Europe.”
Nomad’s co-founders and co-chairmen, Noam Gottesman and Martin E. Franklin, jointly remarked, “The closing of this acquisition demonstrates our ability to successfully execute against our defined strategy. Bringing these businesses together will yield substantial synergies, which we intend to re-invest in our ongoing growth and expansion. As we work to build a best-in-class global consumer foods company, we are encouraged by the opportunity set and remain focused on creating value for all of our stakeholders.
