Nomad Foods completes Goodfella’s acquisition

UK frozen foods company Nomad Foods has completed its acquisition of Green Isle Foods (Goodfella’s) for a purchase price of £200m from Boparan Holdings, which owns 2Sisters Food Group.

With the completion of the deal, Nomad will assume ownership of the San Marco brand and two frozen pizza manufacturing facilities, which will provide a platform for the food company to expand its operations in the future.

Nomad chief executive officer Stefan Descheemaeker 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 organisation 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.”

Established in 1993, Goodfella’s produces and distributes a broad range of branded and private label frozen pizzas in the UK and Ireland.

Nomad further explained that it has funded the acquisition through available cash on hand, and Credit Suisse served as the financial adviser while Norton Rose Fulbright and Matheson acted as legal advisers to the company for this transaction.

Nomad distributes its food products in 17 countries and its frozen food brands include Birds Eye, Iglo and Findus.