In a financial statement today Findus said: “preliminary discussions are being held on an exclusive basis with Nomad Holdings Ltd regarding a potential sale of the Findus continental European businesses”.
The negotiations cover Findus Nordic – including its operations in Sweden, Norway, Finland and Denmark) and Findus Southern Europe – including France, Spain and Belgium.
Not included in the deal
But the group’s Young’s Seafood business was not included in the deal, said the firm. Due diligence was currently taking place and employee consultation and regulatory issues might eventually need to be addressed, it added.
Repeating Nomad Holding’s disclaimer yesterday, Findus said discussions may or may not result in a transaction. “Meanwhile, Findus Group and its businesses units in all markets are focused on business as usual – continuing to serve its customers and provide high quality food to consumers across Europe,” according to the firm.
Centerview Partners was acting as exclusive financial advisor to Findus shareholders.
The Findus brand
Nomad responded to press speculation yesterday with the acknowledgement that it was “in exclusive early stage discussions with Findus to acquire its continental Europe business and the Findus Brand”.
The investment group has pledged to build a world class, global consumer foods company through prudent mergers and complementary acquisitions, according to one of its founders Noam Gottesman.
Speaking after Nomad’s £1.87bn acquisition of Iglo Foods from private equity firm Permira, announced in April, 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 be “an ideal foundation”, on which to build a global consumer foods company, he added.
The power of two
Findus Group
- One of Europe’s largest frozen food and seafood companies
- 6,000 employees
- Turnover of more than £1bn turnover
- Potential sale covers Findus continental European businesses, including operations in: Sweden, Norway, Finland and Denmark, France, Spain and Belgium.
Iglo Foods
- Sales across 12 countries and manufacturing plants in the UK, Germany, and Italy
- More than 1,000 stock keeping units across the fish, vegetables, meat, meals and other categories
- Employs about 2,800 staff across Europe