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Nomad to acquire Iglo for €2.6bn

Nomad Holdings is to acquire Iglo Foods Holdings, who own brands such as Findus and Birds Eye,  for approximately €2.6 billion, subject to customary closing conditions. Upon closing, Nomad intends to change its name to Nomad Foods Limited. Iglo Group is the leading frozen food company in Europe with sales across 12 countries and a […]

Nomad Holdings is to acquire Iglo Foods Holdings, who own brands such as Findus and Birds Eye,  for approximately €2.6 billion, subject to customary closing conditions. Upon closing, Nomad intends to change its name to Nomad Foods Limited.

Iglo Group is the leading frozen food company in Europe with sales across 12 countries and a specific focus on markets in the United Kingdom, Germany, and Italy where the company maintains manufacturing operations.

For the full year 2014, Iglo Group delivered net sales and adjusted EBITDA of €1.5 billion and €306 million, respectively.

With this anchor investment in Iglo Group, Nomad said that it seeks to build a portfolio of best-in-class companies and brands within existing, as well as new, categories. In addition to supporting Iglo Group’s organic growth initiatives, Nomad said it will pursue strategic and complementary acquisitions intended to enhance its consumer offering and deepen its market leadership.

“What people eat and how and when they eat are constantly evolving, making food one of the most resilient yet dynamic categories in the consumer sector,” said Noam Gottesman, Nomad’s Co-Founder. “Iglo Group’s strong brands are clear market leaders in frozen food, and the Company’s innovative and customer-centric approach will continue to drive organic growth and superior returns within the industry. The group’s scale, cash-generative profile, and experienced management team make it an ideal foundation for us to build up a world-class, global consumer foods company through a prudent M&A strategy.”

“We took a highly disciplined approach to evaluating opportunities for Nomad’s initial investment,” added Martin E. Franklin, Nomad’s Co-Founder. “During this process, it was abundantly clear that Iglo Group was a natural fit from both a strategic and a financial standpoint. This is a well-run business that has cemented itself as a leader in an attractive, yet highly fragmented sector, which paves the way for both organic and inorganic growth opportunities.”

“This is a significant stepping stone for Iglo Group as we continue to revitalize consumer interest in frozen food with meaningful innovation for every day, every meal and everybody,” said Iglo Group’s Chief Executive Officer, Elio Leoni Sceti. “My time as CEO has been immensely fulfilling and I am confident the talented team at Iglo Group will continue to drive growth as it executes on our strategy of innovation inspired by consumers. As part of Nomad, Iglo Group will benefit from Noam’s and Martin’s truly world-class leadership capabilities, which I am confident will enable the company to reach new levels of success.”