Feltham, England-based Nomad Foods Limited is moving to acquire Findus Switzerland from Froneri International for approximately EUR 110 million (USD 131 million) in cash, it said in a 9 November press release. The transaction also involves the acquisition of intellectual property related to the brand from an affiliate of Nestlé S.A., its former owner.
Findus is Switzerland’s leading frozen food brand with a portfolio highly complementary to Nomad Foods, according to Nomad Foods Co-Chairman and Founder Noam Gottesman, who said the acquisition would serve to unify the Findus brand and expands Nomad Foods’ reach into an attractive frozen food market
“The acquisition of Findus Switzerland reinforces our strategy of growing through a combination of organic growth and complementary, accretive M&A,” Gottesman said. “We have long admired this business, and we are excited to build on its success by leveraging the resources, capabilities, and scale of our organization.”
In Switzerland, Findus operates a portfolio of value-added frozen products across categories including fish, vegetables, and ready meals. Nomad Foods CEO Stéfan Descheemaeker said he expected the transaction “to be immediately accretive to adjusted EPS, with multiple levers for value creation.”
“The acquisition will expand Nomad Foods’ geographic reach into Switzerland, a new and sizable market, providing a natural extension for our Findus product offering and brand family with an attractive entry point for Green Cuisine,” Descheemaeker said. “This transaction will unify Nomad Foods’ ownership of the iconic Findus brand across Europe, where it currently operates under the Findus brand in Italy, France, Spain, Sweden, Norway, Finland, and Denmark.”
Nomad said it expected to finalize the transaction by the beginning of 2021. Nomad is one of Europe’s largest frozen food companies, with a portfolio of brands that includes Birds Eye, Findus, Iglo, Aunt Bessie's, and Goodfella's. Shares of the company are traded publicly on the New York Stock Exchange under the symbol “NOMD.”
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