Nomad in talks to snap up Findus Europe: latest
Nomad said in a financial statement this morning (June 3): “Nomad Holdings Limited notes the recent press speculation regarding a potential transaction with The Findus Group. Nomad confirms that it is in exclusive early stage discussions with Findus to acquire its continental Europe business and the Findus Brand.”
But there was no certainty the talks will result in a sale, said the firm.
No certainty
The news follows its acquisition of Iglo from private equity firm Permira in a deal announced on April 20. One of Europe’s leading frozen food firms, Iglo – to be renamed Nomad Foods – has sales across 12 countries and manufacturing plants in the UK, Germany, and Italy.
Based in the UK, Iglo supplies more than 1,000 stock keeping units across the fish, vegetables, meat, meals and other categories and employs about 2,800 staff across Europe.
Crispy pancake maker Findus Europe makes a wide range of frozen meals.
If the acquisition goes ahead, the Findus/Iglo combine would create a European frozen food business empire encompassing frozen vegetables, fish fingers and meals such as lasagne.
Second largest acquisition
Nomad Holdings is a special purpose acquisition business launched by entrepreneurs Noam Gottesman and Martin Franklin. If the Findus deal goes ahead, it will be the group’s second largest acquisition after Birds Eye owner Iglo.
The entrepreneurs have pledged to build Nomad into a global consumer brands business. Speaking after announcing the Iglo acquisition, Gottesman said: “What people eat and how and when they eat are constantly evolving, making food one of the most resilient yet dynamic categories in the consumer sector.”
Iglo will make it “an ideal foundation”, on which to build a world class, global consumer foods company through prudent mergers and complementary acquisitions, added Gottesman.
Earlier this week it was revealed entrepreneur Bill Ackman, of Pershing Square Capital Management, had taken a 22% stake in Nomad.
In March, the Findus Group acquired Spanish frozen ready meal firm La Cocinera from Nestlé Spain for an undisclosed sum. The Spanish business had a retail turnover of £46M (€65M).
Other high-profile deals forged this year included billionaire Warren Buffett’s Berkshire Hathaway and 3G snapping up Kraft Foods.
