Brands include Birds Eye and Findus

Nomad to acquire Iglo Group frozen foods for €2.6bn

By Jenny Eagle contact

- Last updated on GMT

Nomad to acquire Iglo Group frozen foods for €2.6bn
Nomad Holdings (Nomad) is to acquire Iglo Foods Holdings (Iglo Group) for €2.6bn, changing its name to Nomad Foods and is looking to appoint a CEO ‘in the near future’.

Iglo Group frozen food company has four manufacturing plants and sales across 12 countries. Brands include Birds Eye in the UK and Ireland, Iglo in Germany, Austria, the Netherlands. It acquired Findus Italy in 2010.  

What people eat and how and when they eat are constantly evolving, making food one of the most resilient yet dynamic categories in the consumer sector​,” said Noam Gottesman, co-founder, Nomad.

Iglo Group’s strong brands are clear market leaders in frozen food, and the company’s customer-centric approach will continue to drive organic growth and superior returns within the industry​.”

Nomad said it will add categories to its portfolio with the acquisition and pursue complementary acquisitions.

Following the closing of the transaction, Nomad’s Founders, Noam Gottesman and Martin Franklin will be appointed as non-executive chairmen of Nomad Foods and will work closely with Iglo Group’s executive management team.

Iglo Group’s current CEO, Elio Leoni Sceti, has resigned from his current role and will serve as CEO until June 2015 and he will become a non-executive director of Nomad Foods, effective upon closing.

For the full year 2014, Iglo Group delivered net sales and adjusted EBITDA of €1.5bn and €306m, respectively. The company’s gross margin expanded to 35.4% and its adjusted EBITDA margin was 20.4%.

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