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Nomad Foods Completes Acquisition of Goodfella’s Pizza

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Nomad Foods Completes Acquisition of Goodfella’s Pizza

Nomad Foods Completes Acquisition of Goodfella’s Pizza
April 27
11:56 2018

Nomad Foods, the leading frozen foods company in Western Europe, has completed its previously announced acquisition of Green Isle Foods (Goodfella’s Pizza) from a subsidiary of Boparan Holdings for a purchase price of £200 million, subject to customary working capital adjustments.

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.

Stefan Descheemaeker, chief executive of Nomad Foods.

Stefan Descheemaeker, chief executive of Nomad Foods, comments: “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 Foods organization 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.”

As previously stated, Nomad Foods expects the acquisition to be immediately accretive to adjusted EBITDA and adjusted earnings per share, and within two years contribute approximately €150 million revenue, €22 to €25 million adjusted EBITDA and €0.08 to €0.09 adjusted earnings per share. The purchase was funded through cash on hand.

Credit Suisse acted as financial advisor and Norton Rose Fulbright and Matheson acted as legal advisors to Nomad Foods on the transaction.

Nomad Foods is building a global portfolio of best-in-class food companies and brands within the frozen category and across the broader food sector. The group currently produces, markets and distributes brands in 17 countries. Its portfolio of leading frozen food brands includes Birds Eye, Iglo and Findus.

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