Nomad Foods swoops on Findus Switzerland

09-Nov-2020 - Last updated on 11-Jan-2021 at 13:44 GMT

Descheemaeker: 'Long-term value creation'

Nomad Foods Ltd has agreed to acquire Findus Switzerland from Froneri International and certain intellectual property from an affiliate of Nestlé SA for €110m (£97.7m).

Findus is the leading frozen food brand in Switzerland with a portfolio of value-added frozen products across categories including fish, vegetables and ready meals.

Nomad Foods said the deal would extend its geographic reach into Switzerland, a new and sizeable market, providing a natural extension for its Findus range, with an attractive entry point for its plant-based Green Cuisine label.

The transaction would also unify Nomad Foods’ ownership of the iconic Findus brand across Europe where it currently operates under the Findus brand in Italy, France, Spain, Sweden, Norway, Finland and Denmark, it said.

Complemented existing portfolio

Commenting on the transaction, Stéfan Descheemaeker, Nomad Foods’ chief executive officer, said Findus Switzerland represented a brand and market which closely complemented its existing portfolio.

"By unifying the Findus brand under Nomad Foods’ ownership and extending our geographic reach into Switzerland, we believe we have multiple levers for long-term value creation," Descheemaeker said.

Noam Gottesman, Nomad Foods’ co-chairman and founder, commented: “The acquisition of Findus Switzerland reinforces our strategy of growing through a combination of organic growth and complementary, accretive M&A. We have long admired this business, and we are excited to build on its success by leveraging the resources, capabilities and scale of our organization.”

Multiple financial benefits

Nomad Foods said it anticipated the deal would deliver multiple financial benefits, including gains from commercial and procurement synergies.

The purchase price is expected to be funded through cash on hand, and the transaction is expected to be completed at the beginning of 2021.

Goldman Sachs International acted as financial adviser on the deal and Norton Rose Fulbright and Lenz & Staehelin are acting as legal advisers to Nomad Foods on the transaction.

UK-based Nomad Foods's portfolio of iconic brands includes Birds Eye, Findus, Iglo, Aunt Bessie's and Goodfella's.