Nomad Foods has announced that it has entered into an agreement to take over Findus Switzerland from Froneri International Ltd for a fee of around €110 million.

Nomad Foods’ acquisition of Findus, one of the leading frozen food brands in Europe, will help the company continue its expansion into Switzerland which it says is a new and sizable market.

The transaction will unify Nomad Foods’ ownership of the Findus brand across Europe where it currently operates under the Findus brand in Italy, France, Spain, Sweden, Norway, Finland and Denmark.

Stéfan Descheemaeker, Nomad Foods’ chief executive officer, said” “We are thrilled to announce the acquisition of Findus Switzerland, a brand and market which closely complement our existing portfolio. By unifying the Findus brand under Nomad Foods’ ownership and extending our geographic reach into Switzerland, we believe we have multiple levers for long-term value creation. We look forward to welcoming the Findus Switzerland team into our organisation.”

Noam Gottesman, Nomad Foods’ co-chairman and founder, added: “The acquisition of Findus Switzerland reinforces our strategy of growing through a combination of organic growth and complementary, accretive M&A. We have long admired this business, and we are excited to build on its success by leveraging the resources, capabilities and scale of our organisation.”

The purchase price is expected to be funded through cash on hand and the transaction is expected to be completed in the beginning of 2021.