Nomad Foods has bought the Findus brand rights and associated European businesses for about £500M as part of its ambition to build a frozen food giant. The completion of the deal was announced today (November 2).
UK-based fish processor Young’s Seafood, a remaining part of the Findus Group, will keep its existing investors through a new holding company called Young’s Seafood International Holdings.
‘Redouble drive for improvement’
Young’s Seafood International Holdings chief executive James Hill said: “With the Findus transaction now behind us, we shall redouble our drive for improvement in Young’s, focusing on our customers, our market share and our processing efficiency.”
Young Seafood chief executive Pete Ward said the firm was “optimistic” about the next phase and renewed its commitment to inspiring consumers to eat more seafood.
“We are embarking on a journey of virtual integration with our best suppliers, working as partners, driving improvements for mutual and sustainable benefits,” Ward said.
‘Building up sales’
“We are focused on building up our sales, driving down our costs, adapting to changes in the market and future-proofing Young’s Seafood Limited.”
Including the acquired Findus businesses, Nomad now has more than 4,300 employees in 15 countries, 10 factories and a broad portfolio of products.
Western Europe’s largest frozen food company acquired Iglo Group, which boasts frozen food brand Birds Eye, for about £1.87bn in June.
Nomad chief executive officer Stéfan Descheemaeker said its combined brands across Europe enhanced its scale and competitive offering.
“The Birdseye, Iglo, and Findus brands have played key roles in defining the frozen food category over the past decades, and together will be better positioned to continue bringing fresh and 'better-for-you' meal options to consumers across Europe,” Descheemaeker.
Nomad’s co-founders Noam Gottesman and Martin Franklin said: “Bringing these businesses together will yield substantial synergies, which we intend to re-invest in our ongoing growth and expansion.”