12-Jan-2021 - Nomad Foods

Nomad Foods Enters into Exclusive Negotiations to Acquire Fortenova Group’s Frozen Food Portfolio

Nomad Foods Limited (NYSE: NOMD) announced today that it has entered into exclusive negotiations to acquire Fortenova Group’s Frozen Food Business Group (FFBG), which includes Ledo, Frikom and other leading frozen brands.

This prospective transaction is aligned with management’s strategy of complementing strong organic growth in the base business with the acquisition of market leading frozen food brands across Europe.

FFBG has a leading European frozen food portfolio of iconic local brands with strong consumer awareness in Croatia, Serbia, Bosnia & Herzegovina and several other countries in Southeastern Europe. It is the market leader in these regions where it operates across numerous categories including fish, fruits, vegetables, ready meal, pastry and ice cream.

The acquisition of FFBG would extend Nomad’s portfolio into new and developing European markets while also creating a beachhead for potential future consolidation within Central and Eastern Europe.

These discussions are preliminary and there can be no assurance that a transaction will be completed. The company does not intend to provide further updates unless there is a definitive outcome to the discussions.

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