Nomad Foods Limited announced today that it has entered into an agreement to acquire Green Isle Foods Ltd. from a subsidiary of Boparan Holdings Ltd. for approximately €225 million on a debt free, cash free basis.
Goodfella’s Pizza manufactures and distributes a portfolio of leading branded and private label frozen pizzas in the United Kingdom and Ireland. The Goodfella’s brand, which accounts for the majority of Goodfella’s Pizza revenues, was founded in 1993 and holds number one and number two market share positions within the frozen pizza category in Ireland and the United Kingdom, respectively. The acquisition also includes the San Marco brand and two frozen pizza manufacturing facilities which provide a foundation for future expansion in the category.
Commenting on the transaction, Stefan Descheemaeker, Nomad Foods’ Chief Executive Officer said, “The acquisition of Goodfella’s Pizza comes at an exciting time for our company. 2017 was a banner year as investments in our core portfolio translated into strong organic revenue growth. We exited the year on a high note, with our updated guidance reflecting better than expected top and bottom line performance during the fourth quarter. Goodfella’s Pizza creates a new and exciting growth avenue into frozen pizza, a strategic category that is both sizable and complementary. We have a strong foundation in place and are well positioned to create shareholder value as we apply our proven toolkit of capabilities to Goodfella’s Pizza and further develop our portfolio of iconic and market leading brands. We are excited to welcome the Goodfella’s Pizza employees to the Nomad family.”
Noam Gottesman, Nomad Foods’ Co-Chairman and Founder, commented, “We are pleased to announce the acquisition of Goodfella’s Pizza. Over the past two years, Stefan and the team have successfully integrated two of Europe’s largest frozen food businesses while strengthening the core product offering. With strong organic revenue growth momentum, the time is right to expand into new strategic categories such as pizza, which offer adjacent avenues for further growth and synergies. The Goodfella’s Pizza brands and team broaden our product offering and customer reach, and solidify our market leadership within the United Kingdom and Ireland. We are pleased to welcome Goodfella’s Pizza to the Nomad Foods portfolio.”
Nomad Foods expects the acquisition to be immediately accretive to adjusted EBITDA and adjusted earnings per share and, within two years post-closing, contribute approximately €150 million revenue, €22 to €25 million adjusted EBITDA and €0.08 to €0.09 adjusted earnings per share.
The purchase price is expected to be funded through cash on hand and the transaction is expected to be completed in the first quarter of 2018, subject to certain closing conditions.
Source: Nomad Foods Limited
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