Zagreb-based Fortenova Group operates a frozen food business that includes Ledo, Frikom and other well-established brands
American-British frozen food company Nomad Foods said it is negotiating to acquire Fortenova Group’s Frozen Food Business Group (FFBG), which includes Ledo, Frikom and other major frozen brands.
The European portfolio of Nomad Foods includes Birds Eye, Findus, iglo, Aunt Bessie’s and Goodfella’s.
FFBG has a European frozen food portfolio of local brands covering fish, fruits, vegetables, ready meal, pastry and ice cream in Croatia, Serbia, Bosnia and Herzegovina, and several other countries in Southeast Europe.
Nomad’s stated that acquiring FFBG would extend its portfolio into new and developing European markets while also creating a beachhead for potential future consolidation within Central and Eastern Europe.
Nomad emphasised that discussions are preliminary with no assurance a transaction will be completed, adding that it won’t provide further updates unless there’s a definitive outcome to the discussions.
Nomad Foods: The Findus Switzerland acquisition
News of those discussions comes a week after Nomad Foods announced it had completed its previously announced acquisition of Findus Switzerland from Froneri International and certain intellectual property from an affiliate of Nestlé S.A. for approximately €110 million.
Nomad Foods’ chief executive Stéfan Descheemaeker 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 organisation and look forward to replicating the growth model that has delivered strong performance across our existing portfolio.”
Findus is a well-established frozen food brand in Switzerland with a portfolio of products across categories including fish, vegetables and ready meals. The transaction unifies Nomad Foods’ ownership of the Findus brand across Europe where it already operates under the Findus brand in Italy, France, Spain, Sweden, Norway, Finland, and Denmark.
Nomad Foods said the purchase price was funded through “cash on hand”.
Goldman Sachs International was financial advisor and Norton Rose Fulbright and Lenz & Staehelin were legal advisors to Nomad Foods for the transaction.
Date published: 12 January 2021