Nomad Foods completes acquisition of Findus' continental European businesses
Packaged foods company Nomad Foods Ltd., London,completed its acquisition of Sweden-based Findus Sverige AB and its subsidiaries from LionGem Sweden 1 AB, which is backed by a group of investors, including Highbridge Principal Strategies, Lion Capital LLP and Sankaty Advisors. 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 commercialization 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.
Through this transaction, Nomad extends its position as what is said to be the largest frozen food company in Western Europe, with leading market share in nine 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.
"The complementary nature of our footprint and the strength of our combined brands across Europe significantly enhance Nomad's scale and competitive offering,” says Stéfan Descheemaeker, Nomad's chief executive officer. “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 closing of this acquisition demonstrates our ability to successfully execute against our defined strategy,” according to Nomad's co-founders and co-chairmen Noam Gottesman and Martin Franklin. “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."