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Nomad Foods to Acquire Aunt Bessie’s For €240 Million

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Nomad Foods to Acquire Aunt Bessie’s For €240 Million

Nomad Foods to Acquire Aunt Bessie’s For €240 Million
June 06
09:51 2018

Nomad Foods has entered into an agreement to acquire Aunt Bessie’s from William Jackson & Son for approximately €240 million. Aunt Bessie’s is a leading frozen food company in the United Kingdom where it manufactures, distributes and sells a range of branded frozen food products. The Aunt Bessie’s brand holds number one and number two market share positions, respectively, within frozen Yorkshire puddings and frozen potatoes, which combine to represent the majority of its revenues. As a brand closely identified with roast dinners, Aunt Bessie’s will expand Nomad Foods’ portfolio into this major eating occasion. The acquisition includes a production facility in Hull, England.

The acquisition of Aunt Bessie’s is also expected to further develop Nomad Foods’ portfolio in the United Kingdom, a strategically important market. The combination of Aunt Bessie’s, Birds Eye and recently acquired Goodfella’s is expected to result in a highly complementary portfolio with significantly enhanced scale, greater diversification and more resources to accelerate category growth.

Stefan Descheemaeker, chief executive of Nomad Foods.

Stefan Descheemaeker, chief executive of Nomad Foods, comments: “We are excited to welcome Aunt Bessie’s to Nomad Foods. Aunt Bessie’s iconic brand, positive values and strong product credentials align well with our existing portfolio. As our second accretive acquisition in 2018, Aunt Bessie’s represents another step toward our goal of transforming the frozen food category and building a portfolio of best-in-class food brands. Aunt Bessie’s significantly expands our presence within potatoes, one of the largest categories in frozen food, while adding another dimension to our growing portfolio in the United Kingdom.”

Noam Gottesman, co-chairman and founder of Nomad Foods, says: “The acquisition of Aunt Bessie’s illustrates the power of our value creation model which is fueled by organic revenue growth, strong free cash flow and disciplined M&A. Similar to Goodfella’s Pizza, which we acquired earlier this year, Aunt Bessie’s is expected to be immediately accretive to earnings while providing complementary category exposure, synergy opportunities and new avenues for growth. We look forward to welcoming the Aunt Bessie’s team to our organization and working together to build on their success.”

For its fiscal year ended April 2018, Aunt Bessie’s generated revenues and adjusted EBITDA of approximately €123 million and €23 million, respectively. The purchase price is expected to be funded through cash on hand and debt. The transaction is expected to be completed during the third quarter of 2018, subject to certain closing conditions including obtaining any necessary regulatory approvals.

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