FELTHAM, England--(BUSINESS WIRE)--Nomad Foods Limited (NYSE: NOMD) announced today that it has completed its previously announced acquisition of Findus Switzerland from Froneri International Ltd. and certain intellectual property from an affiliate of Nestlé S.A. for a purchase price of approximately €110 million.
Commenting on the transaction, Stéfan Descheemaeker, Nomad Foods’ Chief Executive Officer said, “The acquisition of Findus Switzerland reinforces Nomad’s position as Europe’s leading frozen food company and demonstrates our ability to create shareholder value through a combination of organic growth and the accretive deployment of capital. We are eager to welcome the Findus Switzerland team into our organization and look forward to replicating the growth model that has delivered strong performance across our existing portfolio.”
Findus is the leading frozen food brand in Switzerland with a portfolio of value-added frozen products across categories including fish, vegetables and ready meals. The acquisition expands 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. This transaction unifies Nomad Foods’ ownership of the iconic Findus brand across Europe where it operates under the Findus brand in Italy, France, Spain, Sweden, Norway, Finland, Denmark and now, Switzerland.
Nomad Foods anticipates multiple sources of value creation including the opportunity to realize commercial and procurement synergies. The transaction is expected to be immediately accretive to Adjusted EPS in 2021. The purchase price was funded through cash on hand.
Goldman Sachs International acted as financial advisor and Norton Rose Fulbright and Lenz & Staehelin acted as legal advisors to Nomad Foods on the transaction.
About Nomad Foods
Nomad Foods (NYSE: NOMD) is Europe’s leading frozen foods company. The company's portfolio of iconic brands, which includes Birds Eye, Findus, iglo, Aunt Bessie's and Goodfella's, have been a part of consumers' meals for generations, standing for great tasting food that is convenient, high quality and nutritious. Nomad Foods is headquartered in the United Kingdom. Additional information may be found at www.nomadfoods.com.
Forward Looking Statements
Certain statements in this announcement are forward-looking statements which are based on the Company’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts, including expectations regarding: (i) the Company’s ability to create shareholder value through a combination of organic growth and the accretive deployment of capital; (ii) the Company’s ability to replicate its growth model, expand its geographic reach and extend its product offering and brand family; (iii) the success of the Company’s strategic initiatives and growth strategy, including the impact of the acquisition on long-term value creation; (iv) the future operating and financial performance of the Company, including the expected financial benefits of the acquisition and its immediate accretion on earnings per share and (v) synergies from unifying the Findus brand with the Company’s existing brands. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including (i) the operating and financial performance of the Company following the acquisition is worse than anticipated; (ii) the Company is not able to achieve the planned synergies; (iii) economic conditions, competition and other risks that may affect the Company’s future performance; and (iv) the other risks and uncertainties disclosed in the Company’s public filings and any other public disclosures by the Company. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company does not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.