London-based Nomad Holdings Ltd. entered into an agreement to acquire Iglo Foods Holdings Ltd., a UK-based frozen food processor, from a company backed by the Permira funds, subject to customary closing conditions. Upon closing, Nomad intends to change its name to Nomad Foods Ltd.
Iglo Group boasts sales across 12 countries, with a specific focus on markets in the United Kingdom, Germany and Italy, where the company maintains manufacturing operations. The company’s brands include Birds Eye in the UK and Ireland, Iglo in Germany, Austria, the Netherlands and other continental European markets, and Findus in Italy. With more than 1,000 SKUs across the fish, vegetables, meat, meals and other categories, Iglo Group maintains a strong track record of operational excellence and execution through its four manufacturing plants and five primary distribution centers.
Following the closing of the transaction, co-founder Noam Gottesman, who is also the founder and CEO of investment firm Toms Capital and co-founder of GLG Partners, and co-founder Martin Franklin, also founder and executive chairman of Jarden Corp. and founder and non-executive chairman of Platform Specialty Products Corp., will be appointed as non-executive chairmen of Nomad Foods Ltd. and will work closely with Iglo Group’s executive management team to ensure the successful execution of the company’s organic and acquisitive growth strategies.
Iglo Group’s current chief executive officer, Elio Leoni Sceti, resigned from his current role to pursue another opportunity. Sceti will serve as CEO until June and will become a non-executive director of Nomad Foods Ltd., effective upon closing.
“What people eat and how and when they eat are constantly evolving, making food one of the most resilient yet dynamic categories in the consumer sector,” says Gottesman. “Iglo Group’s strong brands are clear market leaders in frozen food, and the company’s innovative and customer-centric approach will continue to drive organic growth and superior returns within the industry. The group’s scale, cash-generative profile and experienced management team make it an ideal foundation for us to build up a world-class, global consumer foods company through a prudent M&A strategy.”
“We took a highly disciplined approach to evaluating opportunities for Nomad’s initial investment,” adds Franklin. “During this process, it was abundantly clear that Iglo Group was a natural fit from both a strategic and a financial standpoint. This is a well-run business that has cemented itself as a leader in an attractive, yet highly fragmented sector, which paves the way for both organic and inorganic growth opportunities.”
“This is a significant stepping stone for Iglo Group as we continue to revitalize consumer interest in frozen food with meaningful innovation for every day, every meal and everybody,” says Sceti. “My time as CEO has been immensely fulfilling, and I am confident the talented team at Iglo Group will continue to drive growth as it executes on our strategy of innovation inspired by consumers. As part of Nomad, Iglo Group will benefit from Noam’s and Martin’s truly world-class leadership capabilities, which I am confident will enable the company to reach new levels of success.”
