EUROPE: Nomad to create frozen food giant with 780 million dollars Findus deal | Progresiv
Nomad Foods, the acquisition vehicle set up by entrepreneurs Martin E. Franklin and Noam Gottesman to target acquisitions in the food industry, is to buy the European operations of Findus Group for 500 million pounds, as part of its ambition to create a global consumer foods company. 
The purchase from investors including Lion Capital and Highbridge Capital comes four months after Nomad swooped in Birdseye fish finger and frozen vegetable owner Iglo Group, for 2.6 billion euros.
The deal will give Nomad ownership of Findus' businesses in Sweden, Norway, Finland, Denmark, France, Spain and Belgium, including the Findus, Lutosa and La Cocinera brands. It also includes 1,500 employees and six manufacturing facilities in Norway, Sweden, France, and Spain.
The remaining part of the Findus Group, including Young's Seafood in the UK, will remain under the ownership of the seller.
“Having the businesses under one umbrella brings together two talented, world-class teams, enabling us to share best practices and to elevate and evolve the brand,” Nomad’s boss Stefan Descheemaeker said.
The combination of Iglo and Findus will create a frozen food giant with products from fish fingers and peas to microwavable lasagna and pasta.
Iglo is the world’s second-largest frozen food manufacturer, with 3.3pc of the market in 2014, according to data from Euromonitor International.
The Findus businesses acquired by Nomad reported annual sales of 600 million euros in the latest set of results. Nomad said the acquisition will be immediately earnings-enhancing and lead to annual cost savings of roughly 25 million euros to 30 million euros over the next three years.
Through Iglo Foods, Nomad alread operates Findus in Italy and management said this transaction creates a pan-European food business that will "reunite" the brand across the continent. (www.telegraph.co.uk)
