UK-headquartered Nomad Foods has acted to unify the Findus brand by acquiring the Findus Switzerland business from ice-cream giant Froneri.
Nomad is paying EUR110m (US$130.6m) for the Swiss operations of a brand it already owns in Italy, France, Spain, Sweden, Norway, Finland and Denmark.
The frozen-food specialist, which also owns brands such as Birds Eye, Aunt Bessie’s and Goodfella’s, described Findus as Switzerland’s leading frozen-food brand. It is based on a portfolio of frozen products across categories including fish, vegetables and ready meals.
The deal provides an “attractive entry point” into Switzerland for its for its plant-based Green Cuisine range, Nomad suggested.
CEO Stéfan Descheemaeker said: “We are thrilled to announce the acquisition of Findus Switzerland, a brand and market which closely complement our existing portfolio.
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“By unifying the Findus brand under Nomad Foods’ ownership and extending our geographic reach into Switzerland, we believe we have multiple levers for long-term value creation.”
Nomad said it expects the acquisition to be immediately accretive.
In a short statement, Froneri, co-owned by Nestlé and private-equity firm PAI Partners, said it expects the deal to be completed early next year.
CEO Ibrahim Najafi added: “With Nomad we have found the perfect home for our Swiss Frozen Foods business given its extensive sector experience and portfolio of leading brands.”
Last week, Nomad, discussing its third-quarter financial results, said it was already seeing signs of “re-accelerated rates of consumption growth” in Europe as governments around the region impose new restrictions to combat new spikes of Covid-19.
