The acquisition of Fortenova’s frozen food includes strategic brands like Ledo and Frikom and introduces Nomad to the ice cream category
Ledo frozen food
Photo as seen on Ledo website

Nomad Foods is acquiring Fortenova Group’s Frozen Food Business Group (FFBG) for approximately €615 million on a debt-free, cash-free basis. The company announced talks were under way with Fortenova back in January.

FFBG is a European frozen food portfolio operating in markets, including Croatia, Serbia, Bosnia and Herzegovina, Hungary, Slovenia, Kosovo, North Macedonia and Montenegro. Its two anchor brands, Ledo and Frikom, offer a broad range of frozen food products including fish, fruits, vegetables, ready meals, pastry and ice cream.

Stéfan Descheemaeker, Nomad Foods’ chief executive, said the acquisition of FFBG reinforces Nomad’s European frozen food leadership while strategically expanding its portfolio into attractive new markets, creating an exciting new category adjacency in ice cream.

“Like Birds Eye, Findus and Iglo, Ledo and Frikom are institutions in their respective markets with strong consumer awareness and number one market share,” said Descheemaeker. He noted that similar to Nomad, FFBG is singularly focused on frozen food, a fantastic category that is aligned with consumer trends including convenience and sustainability.

Noam Gottesman, Nomad Foods’ founder and co-chairman, explained this acquisition is consistent with the company’s growth strategy and builds on our five-year track record of top-tier shareholder value creation.

“This transaction provides a natural extension to our existing business and creates a new platform for future expansion within Central and Eastern Europe,” said Gottesman.

Gottesman noted the deal introduces Nomad to ice cream, an exciting new category that opens new potential avenues for growth.

“Following the acquisition, our annual revenue will approach €3 billion, nearly doubling the revenue base of Iglo Group, our initial anchor acquisition in 2015,” said Gottesman.

Morgan Stanley was financial advisor and Norton Rose Fulbright, Divjak Topic Bahtijarevic & Krka Law Firm and BDK Advokati are legal advisors to Nomad Foods on the transaction.

Nomad Foods is headquartered in Feltham, Middlesex. Fortenova Group is based in Zagreb, Croatia.

Date published: 30 March 2021

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