Nomad spends £500m on Birds Eye fish fingers

Joseph Millis
BIRDS EYE owner Nomad Foods yesterday purchased the continental European operations of Findus Group for £500m, adding to its growing stable of frozen-food producers.

The purchase from investors including Lion Capital, Highbridge Capital and Sankaty Advisors comes four months after Nomad agreed to purchase Iglo Foods Holdings, the maker of Birds Eye frozen vegetables and children’s – and adults’ – favourite fish fingers, for €2.6bn (£1.67bn).

The Findus business adds leading positions in France, Sweden, Norway and Finland, Nomad said in a statement.

“Having the businesses under one umbrella brings together two talented, world-class teams, enabling us to share best practices and to elevate and evolve the brand,” Nomad’s chief executive officer Stefan Descheemaeker said in a statement.

Nomad, a packaged foods company, backed by entrepreneurs Martin E Franklin and Noam Gottesman, will pay £400m in cash, using existing cash and further debt funding from UBS, Credit Suisse Group and Barclays. It will also issue 8.4m shares to the sellers.