Nomad Foods Completes Acquisition of Findus Switzerland

FELTHAM, England -- Nomad Foods Limited (NYSE: NOMD) announced today that it has completed its previously announced acquisition of Findus Switzerland from Froneri International Ltd. and certain intellectual property from an affiliate of Nestlé S.A. for a purchase price of approximately €110 million.

Commenting on the transaction, Stéfan Descheemaeker, Nomad Foods’ Chief Executive Officer said, “The acquisition of Findus Switzerland reinforces Nomad’s position as Europe’s leading frozen food company and demonstrates our ability to create shareholder value through a combination of organic growth and the accretive deployment of capital. We are eager to welcome the Findus Switzerland team into our organization and look forward to replicating the growth model that has delivered strong performance across our existing portfolio.”

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. The acquisition expands Nomad Foods’ geographic reach into Switzerland, a new and sizable market, providing a natural extension for our Findus product offering and brand family with an attractive entry point for Green Cuisine. This transaction unifies Nomad Foods’ ownership of the iconic Findus brand across Europe where it operates under the Findus brand in Italy, France, Spain, Sweden, Norway, Finland, Denmark and now, Switzerland.

Photo: courtesy Findus

Nomad Foods anticipates multiple sources of value creation including the opportunity to realize commercial and procurement synergies. The transaction is expected to be immediately accretive to Adjusted EPS in 2021. The purchase price was funded through cash on hand.

Goldman Sachs International acted as financial advisor and Norton Rose Fulbright and Lenz & Staehelin acted as legal advisors to Nomad Foods on the transaction.

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