Nomad Foods Limited has announced that it has completed its acquisition of Fortenova Group’s frozen food business for a purchase price of around €615 million.
With a portfolio of brands that include Birds Eye, Findus, iglo, Aunt Bessie’s and Goodfella’s, Nomad Foods is a major European frozen food manufacturer. The company is currently headquartered in the United Kingdom.
Fortenova Frozen is a European frozen food portfolio operating in markets new to Nomad Foods in central and Eastern Europe. Its two anchor brands, Ledo and Frikom, have a number one market share in many of these markets and offer a broad range of frozen food products including fish, fruits, vegetables, ready meals, pastry and ice cream.
Commenting on the transaction, Stefan Descheemaeker, Nomad Foods’ chief executive officer, said: “We are delighted to complete this acquisition and are eager to welcome the team to Nomad Foods. Fortenova Frozen has performed well in 2021 and we expect the strength of our combined organisations to create value for years to come, building on a solid foundation underpinned by market leading brands, operational excellence and a strategic focus in frozen food.”
Descheemaeker went on to say that the company was adapting to the post-pandemic environment while navigating macro challenges facing the broader packaged food sector. He added: “While we now expect a modest organic revenue decline versus the prior year, due in large part to normalising category trends, growth is still expected to be in the mid-single digit range on a two-year compounded basis. Our brands are in strong health, our market share is expanding, and we are well positioned to sustain long-term growth.”
