U.K.-based Nomad Foods expands in frozen pizza

by Eric Schroeder
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Goodfella's Pizza
Goodfella’s Pizza makes and distributes private label frozen pizzas in the United Kingdom and Ireland.
 

FELTHAM, ENGLAND — Nomad Foods Ltd. has entered an agreement to acquire Green Isle Foods Ltd. (Goodfella’s Pizza) from a subsidiary of Boparan Holdings Ltd. for approximately €225 million ($274.6 million).

Goodfella’s Pizza makes and distributes 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 the No. 1 and No. 2 market share positions within the frozen pizza category in Ireland and the United Kingdom, respectively.

In addition to the Goodfella’s brand, the acquisition includes the San Marco brand and two frozen pizza manufacturing facilities, which Nomad said will provide a foundation for future expansion in the frozen pizza category.

Stefan Descheemaeker, Nomad Foods
Stefan Descheemaeker, c.e.o. of Nomad Foods

“The acquisition of Goodfella’s Pizza comes at an exciting time for our company,” said Stefan Descheemaeker, chief executive officer of Nomad Foods. “2017 was a banner year as investments in our core portfolio translated into strong organic revenue growth. We exited the year on a high note, with our updated guidance reflecting better-than-expected top- and bottom-line performance during the fourth quarter. Goodfella’s Pizza creates a new and exciting growth avenue into frozen pizza, a strategic category that is both sizable and complementary. We have a strong foundation in place and are well positioned to create shareholder value as we apply our proven toolkit of capabilities to Goodfella’s Pizza and further develop our portfolio of iconic and market leading brands.”

Nomad Foods said it expects the acquisition to be immediately accretive to adjusted EBITDA and earnings per share. Within two years the transaction is expected to contribute approximately €150 million in revenue, €22 million to €25 million in adjusted EBITDA, and €0.08 to €0.09 in adjusted earnings per share.

Nomad Foods produces, markets and distributes brands in 17 countries. The company acquired Iglo Foods Holdings Ltd., Europe’s leading frozen food company, for approximately €2.6 billion) in 2015. Iglo Group manufactures and markets premium branded frozen food products, including fish, vegetables, meat and meals, in 12 countries across Europe with a focus on markets in the United Kingdom, Germany and Italy. Core brands, including Birds Eye in the United Kingdom and Ireland, Iglo in Germany, Austria, The Netherlands and other European markets, and Findus in Italy. 
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