Nomad Foods Ltd is to purchase Green Isle Foods Ltd from a subsidiary of Boparan Holdings Ltd for approximately €225 million.
Green Isle Foods holds the Goodfella’s Pizza brand – a portfolio of branded and private label frozen pizzas distributed in the United Kingdom and Ireland. The brand was founded in 1993 and is a major player in the frozen pizza category.
The acquisition also includes the San Marco brand and two frozen pizza manufacturing facilities which provide a foundation for future expansion in the category.
Stefan Descheemaeker, Nomad Foods’ chief executive officer, said: “The acquisition of Goodfella’s Pizza comes at an exciting time for our company. 2017 was a banner year as investments in our core portfolio translated into strong organic revenue growth. We exited the year on a high note, with our updated guidance reflecting better than expected top and bottom line performance during the fourth quarter.
“Goodfella’s Pizza creates a new and exciting growth avenue into frozen pizza, a strategic category that is both sizable and complementary. We have a strong foundation in place and are well positioned to create shareholder value as we apply our proven toolkit of capabilities to Goodfella’s Pizza and further develop our portfolio of iconic and market leading brands. We are excited to welcome the Goodfella’s Pizza employees to the Nomad family.”
Nomad Foods expects the acquisition to contribute approximately €150 million revenue within two years post-closing.
The transaction is expected to be completed in the first quarter of 2018, subject to certain closing conditions.
