Nomad Foods Limited has entered into an agreement to acquire Fortenova Group’s Frozen Food Business Group (FFBG) for the aggregate consideration of approximately $724 million. FFBG is a leading European frozen food portfolio operating in markets new to Nomad, including Croatia, Serbia and Bosnia & Herzegovina, Hungary, Slovenia, Kosovo, North Macedonia, and Montenegro. Its two anchor brands, Ledo and Frikom, offer a range of frozen food products, including fish, fruits, vegetables, ready meals, pastry, and ice cream.
The acquisition aligns with Nomad’s articulated strategy of expanding its frozen food portfolio into new geographies, categories, and channels. FFBG has a market leading position, an attractive growth profile, and generates strong cash flow consistent with Nomad’s investment criteria.
Of particular importance is Nomad’s entry into ice cream market, which creates a new product adjacency that is seasonally complementary to the company’s core savory portfolio. Ice cream represents approximately 50% of FFBG’s revenues and will account for approximately 5% of the combined annual revenue base.
Stéfan Descheemaeker, Nomad Foods’ CEO, states, “The acquisition of FFBG reinforces Nomad’s European frozen food leadership while strategically expanding our portfolio into attractive new markets and creating an exciting new category adjacency in ice cream. Like Birds Eye, Findus, and iglo, Ledo and Frikom are institutions in their respective markets with strong consumer awareness and #1 market share. Similar to Nomad, FFBG is singularly focused on frozen food, a category that is aligned with consumer trends, including convenience and sustainability. We plan to leverage our combined pan-European scale, commercial expertise, and passion for frozen food while harnessing the unique local characteristics and traditions of FFBG’s brands.”
The Processing Zone Returns to PACK EXPO
As a direct response to industry demands, The Processing Zone is returning to PACK EXPO Las Vegas and Healthcare Packaging EXPO (Sept. 27-29, 2021, Las Vegas Convention Center). The show will showcase front-of-line solutions from food processing/systems, food safety, engineering, design and construction services and more, according to show producer, PMMI, The Association for Packaging and Processing Technologies. It will also offer targeted education via its processing-dedicated Innovation Stage.
Attendee registration opens in May. In the meantime, visit packexpolasvegas.com for more information.
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