FDBusiness.com

Nomad Foods has completed its acquisition of 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 six manufacturing facilities.

The acquisition extends Nomad’s position as the largest frozen food company in Western Europe, with leading market share in nine countries – the 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 (pictured), chief executive of Nomad, comments: “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.”

The cash consideration of £400 million was funded through a combination of existing cash on hand and a new senior term loan. At closing, Nomad’s net debt to Adjusted EBITDA ratio is approximately 3.7X.