Nomad Foods acquires Findus Switzerland for $135m

Europe’s Nomad Foods has completed the acquisition of frozen food brand Findus Switzerland from Froneri International and certain intellectual property from a Nestlé affiliate for an aggregate consideration of nearly €110m ($135m).

Findus has a portfolio of value-added products across categories, including fish, vegetables and ready meals.

Nomad Foods CEO Stéfan Descheemaeker 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 organisation and look forward to replicating the growth model that has delivered strong performance across our existing portfolio.”

Nomad Foods currently offers Findus-branded foods across various European markets such as Italy, France, Spain, Sweden, Norway, Finland and Denmark.

With this acquisition, Nomad Foods will be adding Switzerland to its global market presence.

The deal will also offer an extension for the company’s Findus product offering and brand family with an ‘attractive entry point’ for the Green Cuisine range of plant-based meat alternatives.

Nomad Foods funded the acquisition with available cash on hand.

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

In November 2020, Nomad Foods finalised an agreement to acquire Findus Switzerland from Froneri International and certain intellectual property from a Nestlé affiliate.

In its press statement, Nomad Foods said that the deal would give the company access to the frozen food market.