Nomad Foods Completes Acquisition of Goodfella’s Pizza
April 23 2018 - 7:30AM
Business Wire
Nomad Foods Limited (NYSE: NOMD) announced today that it has
completed its previously announced acquisition of Green Isle Foods
Ltd. (“Goodfella’s Pizza”) from a subsidiary of Boparan Holdings
Ltd. for a purchase price of £200 million, subject to customary
working capital adjustments.
Commenting on the transaction, Stefan Descheemaeker, Nomad
Foods’ Chief Executive Officer said, “Goodfella’s represents an
important step in expanding our share of the frozen food category
in Western Europe. The transaction is expected to be immediately
accretive to earnings and creates a complementary avenue of growth
to our base business, which continues to gain market share. We are
excited to welcome Goodfella’s to the Nomad Foods organization and
look forward to driving shareholder value by combining our scale
and commercial capabilities with their deep knowledge and expertise
of the attractive frozen pizza category.”
As previously stated, Nomad Foods expects the acquisition to be
immediately accretive to adjusted EBITDA and adjusted earnings per
share, and within two years contribute approximately €150 million
revenue, €22 to €25 million adjusted EBITDA and €0.08 to €0.09
adjusted earnings per share. The purchase was funded through cash
on hand.
Goodfella’s Pizza manufactures and distributes a portfolio of
leading branded and private label frozen pizzas in the United
Kingdom and Ireland. The Goodfella’s brand, which accounts for the
majority of Goodfella’s Pizza revenues, was founded in 1993 and
holds number one and number two market share positions within the
frozen pizza category in Ireland and the United Kingdom,
respectively. The acquisition also includes the San Marco brand and
two frozen pizza manufacturing facilities which provide a
foundation for future expansion in the category.
Credit Suisse acted as financial advisor and Norton Rose
Fulbright and Matheson 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 a global portfolio of best-in-class food companies and
brands within the frozen category and across the broader food
sector. Nomad Foods produces, markets and distributes brands in 17
countries and has the leading market share in Western Europe. The
Company’s portfolio of leading frozen food brands includes Birds
Eye, Iglo and Findus. More information on Nomad Foods Limited is
available at http://www.nomadfoods.com.
Forward Looking Statements
Certain statements in this announcement are forward-looking
statements which are based on the Company’s expectations,
intentions and projections regarding its future performance,
anticipated events or trends and other matters that are not
historical facts, including expectations regarding (i) the
Company’s ability to expand its presence in the frozen foods
market; (ii) the success of the Company’s strategic initiatives;
(iii) completion of successful acquisitions in the same and
adjacent categories; (iv) the future operating and financial
performance of the Company including our guidance with respect to
adjusted EBITDA and organic sales growth as well as the expected
financial benefits of the Goodfella’s Pizza acquisition; and (v)
synergies from combining the Findus, Iglo and Goodfella’s pizza
businesses. These statements are not guarantees of future
performance and are subject to known and unknown risks,
uncertainties and other factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements, including (i) economic conditions,
competition and other risks that may affect the Company’s future
performance; (ii) the risk that securities markets will react
negatively to actions by the Company; (iii) the ability to
recognize the anticipated benefits to the Company of strategic
initiatives; (iv) the successful completion of strategic
acquisitions; (v) changes in applicable laws or regulations; and
(vi) the other risks and uncertainties disclosed in the Company’s
public filings and any other public disclosures by the Company.
Given these risks and uncertainties, prospective investors are
cautioned not to place undue reliance on forward-looking
statements. Forward-looking statements speak only as of the date of
such statements and, except as required by applicable law, the
Company does not undertake any obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20180423005417/en/
Investor RelationsNomad Foods LimitedTaposh Bari, CFA,
+1-718-290-7950orICRJohn Mills,
+1-646-277-1254PartnerorMediaWeber ShandwickAnthony Feldman,
+1-617-921-0984afeldman@webershandwick.com
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