Nomad Foods Completes Acquisition of Aunt Bessie’s
July 02 2018 - 6:45AM
Business Wire
Nomad Foods Limited (NYSE: NOMD) announced today that it has
completed its previously announced acquisition of Aunt Bessie’s
Limited from William Jackson & Son Limited for a purchase price
of approximately €240 million.
Commenting on the transaction, Stefan Descheemaeker, Nomad
Foods’ Chief Executive Officer, said, “The acquisition of Aunt
Bessie’s exemplifies our dedication and progress towards
transforming the frozen food category, both organically and through
acquisitions. Aunt Bessie’s further develops our portfolio in the
UK with its strong brand positioning and market leadership in
frozen roast potatoes and frozen Yorkshire puddings. We are eager
to welcome the Aunt Bessie’s team to the Nomad Foods organization
and look forward to creating value for all stakeholders.”
Aunt Bessie’s is a leading frozen food company in the United
Kingdom where it manufactures, distributes and sells a range of
branded frozen food products. The Aunt Bessie’s brand holds number
one and number two market share positions, respectively, within
frozen Yorkshire puddings and frozen potatoes, which combine to
represent the majority of its revenues. As a brand closely
identified with roast dinners, Aunt Bessie’s will expand Nomad
Foods’ portfolio into this major eating occasion. The acquisition
includes a production facility in Hull, England.
For its fiscal year ended April 2018, Aunt Bessie’s generated
revenues and adjusted EBITDA of approximately €123 million and €23
million, respectively. In conjunction with the acquisition, Nomad
Foods completed a €260 million increase in its existing term loan
facilities.
Credit Suisse acted as financial advisor and Norton Rose
Fulbright acted as legal advisor to Nomad Foods on the transaction.
Stamford Partners acted as financial advisor and Addleshaw Goddard
acted as legal advisor to William Jackson & Son 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. The company's portfolio of iconic brands, which includes
Birds Eye, Findus, Iglo and Goodfella's, have been a part of
consumers' meals for generations, standing for great tasting food
that is convenient, high quality and nutritious. Nomad Foods is
headquartered in the United Kingdom. Additional information may be
found at www.nomadfoods.com.
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, including within the frozen Yorkshire puddings, frozen
potatoes and roast dinners categories; (ii) the success of the
Company’s strategic initiatives, including its ability to further
develop its portfolio in the United Kingdom and create value for
its stakeholders; (iii) completion of successful acquisitions in
the same and adjacent categories; and (iv) the future operating and
financial performance of the Company including the expected
financial benefits of the Aunt Bessie’s acquisition. 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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Investor Relations ContactsNomad Foods LimitedTaposh
Bari, CFA, +1-718-290-7950orICRJohn Mills,
+1-646-277-1254PartnerorMedia ContactGladstone Place
PartnersFelipe Ucros / Max Dutcher, +1-212-230-5930
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