Nomad completes EUR2.6bn acquisition of Iglo Foods

Said to be Europe's largest branded frozen food company, Iglo operates in 12 countries in Europe, wi…

Said to be Europe's largest branded frozen food company, Iglo operates in 12 countries in Europe, with manufacturing operations in the UK, Germany, and Italy.

Iglo offers its products under various brands including Birds Eye in the UK and Ireland, Iglo in Germany and other continental European markets, and Findus in Italy. Its products include frozen vegetables, poultry products, and seafood.

With this investment, Nomad has secured an established presence in Europe's fragmented frozen foods space.

Nomad CEO Stéfan Descheemaeker said: "There are abundant organic and acquisitive growth opportunities available within the consumer foods space and I look forward to working with both the Nomad and Iglo Group teams in order to realize new levels of success."

Upon completion of the deal, Nomad has been renamed as Nomad Foods.

The transaction has been funded through a combination of Nomad's cash on hand, equity and proceeds from a private placement of approximately $750m.

Nomad co-founder and co-chairman Noam Gottesman said: "The completion of this acquisition marks the start of Nomad's growth story.Through Iglo Group, Nomad has gained an established presence in Europe's fragmented frozen foods space.

"Our talented team led by Stéfan, strong financial footing, and supportive shareholder base provide us with the resources necessary to pursue growth opportunities that will pave the way for long-term value creation."