Findus Group has announced the completed sale of its Findus brand rights and continental European business to Nomad Foods.
The acquired operations include approximately 1,500 employees and six manufacturing facilities. It extends Nomad Foods position as the largest frozen food company in Western Europe, with leading market share in nine countries.
Stéfan Descheemaeker, Nomad's CEO, said: “The complementary nature of our footprint and the strength of our combined brands across Europe significantly enhance Nomad's scale and competitive offering.”
“The Birdseye, Iglo, and Findus brands have played key roles in defining the frozen food category over the past decades, and together will be better positioned to continue bringing fresh and 'better-for-you' meal options to consumers across Europe,” he added.
The sale is estimated to be in the region of £500m and will reunite Nomad’s existing Findus’ branded business in Italy with the brand to strengthen its presence across Europe.
Nomad employs over 4,300 people in 15 countries and has ten factories.
Noam Gottesman and Martin E. Franklin, Nomad's co-founders and co-chairmen, said: "The closing of this acquisition demonstrates our ability to successfully execute against our defined strategy.”
“Bringing these businesses together will yield substantial synergies that we intend to re-invest in our ongoing growth and expansion.”
“We work to build a best-in-class global consumer foods company, we are encouraged by the opportunity set and remain focused on creating value for all of our stakeholders," the co-founders concluded.
Findus Group’s remaining operating company, Young’s Seafood Limited UK, will continue to trade separately and will continue to be backed by its group of investors. The company will trade under the new name Young’s Seafood International Holdings Ltd.
James Hill, chief executive of Young’s Seafood International said: “Today’s sale transaction involving Findus marks a significant, positive milestone for the European food industry and its principal stakeholders.”
“Young’s Seafood Limited is already the UK’s leading fish processor and we shall redouble our drive for improvement, focussing on our customers, our market share and our processing efficiency,” Mr Hill concluded.
