Nomad Foods, the UK-based frozen food giant, has announced that it is set to acquire its Irish peer Green Isle, a subsidiary of Boparan Holdings and owner of the Goodfella’s pizza brand.
Green Isle manufactures and distributes a portfolio of branded and private label frozen pizzas in the UK and Ireland. The Goodfella’s brand, which accounts for the majority of the firm’s revenues, was founded in 1993 and holds number one and number two market share positions within the frozen pizza category in Ireland and the UK respectively.
Commenting on the transaction, Nomad Foods chief executive officer Stefan Descheemaeker said: “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. We are excited to welcome the Goodfella’s Pizza employees to the Nomad family”.
The deal, which is being transacted for €225 million ($275 million) on a debt free, cash free basis, is expected to conclude in the first quarter of 2018, subject to certain closing conditions.
Source: Nomad Foods
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