23/04/2018

Nomad Foods Completes Acquisition of Goodfella’s Pizza

FELTHAM, England--(BUSINESS WIRE)-- Nomad Foods Limited (NYSE: NOMD) announced today that it has completedits previously announced acquisition of Green Isle Foods Ltd.(“Goodfella’s Pizza”) from a subsidiary of Boparan Holdings Ltd. for apurchase price of £200 million, subject to customary working capitaladjustments.

 

Commenting on the transaction, Stefan Descheemaeker, Nomad Foods’ ChiefExecutive Officer said, “Goodfella’s represents an important step inexpanding our share of the frozen food category in Western Europe. Thetransaction is expected to be immediately accretive to earnings andcreates a complementary avenue of growth to our base business, whichcontinues to gain market share. We are excited to welcome Goodfella’s tothe Nomad Foods organization and look forward to driving shareholdervalue by combining our scale and commercial capabilities with their deepknowledge and expertise of the attractive frozen pizza category.”

 

As previously stated, Nomad Foods expects the acquisition to beimmediately accretive to adjusted EBITDA and adjusted earnings pershare, and within two years contribute approximately €150 millionrevenue, €22 to €25 million adjusted EBITDA and €0.08 to €0.09 adjustedearnings per share. The purchase was funded through cash on hand.

 

Goodfella’s Pizza manufactures and distributes a portfolio of leadingbranded and private label frozen pizzas in the United Kingdom andIreland. The Goodfella’s brand, which accounts for the majorityof Goodfella’s Pizza revenues, was founded in 1993 and holds number oneand number two market share positions within the frozen pizza categoryin Ireland and the United Kingdom, respectively. The acquisition alsoincludes the San Marco brand and two frozen pizza manufacturingfacilities which provide a foundation for future expansion in thecategory.

 

Credit Suisse acted as financial advisor and Norton Rose Fulbright andMatheson acted as legal advisors to Nomad Foods on the transaction.

 

About Nomad Foods Limited

 

Nomad Foods (NYSE: NOMD) is a leading frozen foods company building aglobal portfolio of best-in-class food companies and brands within thefrozen category and across the broader food sector. Nomad Foodsproduces, markets and distributes brands in 17 countries and has theleading market share in Western Europe. The Company’s portfolio ofleading frozen food brands includes Birds Eye, Iglo and Findus. Moreinformation on Nomad Foods Limited is available at http://www.nomadfoods.com.

 

Forward Looking Statements

 

Certain statements in this announcement are forward-looking statementswhich are based on the Company’s expectations, intentions andprojections regarding its future performance, anticipated events ortrends and other matters that are not historical facts, includingexpectations regarding (i) the Company’s ability to expand its presencein the frozen foods market; (ii) the success of the Company’s strategicinitiatives; (iii) completion of successful acquisitions in the same andadjacent categories; (iv) the future operating and financial performanceof the Company including our guidance with respect to adjusted EBITDAand organic sales growth as well as the expected financial benefits ofthe Goodfella’s Pizza acquisition; and (v) synergies from combining theFindus, Iglo and Goodfella’s pizza businesses. These statements are notguarantees of future performance and are subject to known and unknownrisks, uncertainties and other factors that could cause actual resultsto differ materially from those expressed or implied by suchforward-looking statements, including (i) economic conditions,competition and other risks that may affect the Company’s futureperformance; (ii) the risk that securities markets will react negativelyto actions by the Company; (iii) the ability to recognize theanticipated benefits to the Company of strategic initiatives; (iv) thesuccessful completion of strategic acquisitions; (v) changes inapplicable laws or regulations; and (vi) the other risks anduncertainties disclosed in the Company’s public filings and any otherpublic disclosures by the Company. Given these risks and uncertainties,prospective investors are cautioned not to place undue reliance onforward-looking statements. Forward-looking statements speak only as ofthe date of such statements and, except as required by applicable law,the Company does not undertake any obligation to update or revisepublicly any forward-looking statements, whether as a result of newinformation, future events or otherwise.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20180423005417/en/

 

Investor Relations
Nomad Foods Limited
Taposh Bari,CFA, +1-718-290-7950

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ICR
John Mills, +1-646-277-1254
Partner

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Media
WeberShandwick
Anthony Feldman, +1-617-921-0984
afeldman@webershandwick.com

 

 

Source: Nomad Foods Limited