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Blog Exposure - Nomad Foods to Acquire Frozen Food Brand Aunt Bessie's Ltd

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LONDON, UK / ACCESSWIRE / June 6, 2018 / If you want access to our free research report on Nomad Foods Ltd (NYSE: NOMD), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=NOMD as the Company's latest news hit the wire. On June 04, 2018, the Company announced that it has struck a deal to acquire Aunt Bessie's Ltd, the United Kingdom-based leading frozen food company, from William Jackson & Son Limited for approximately €240 million. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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For its fiscal year ended April 2018, Aunt Bessie's generated revenues and adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of approximately €123 million and €23 million, respectively.

Acquisition Details

Nomad Foods will fund the acquisition through cash on hand and debt. The transaction, expected to close during Q3 2018, is subject to certain closing conditions including obtaining any necessary regulatory approvals. The acquisition includes a production facility in Hull, England.

The acquisition of Aunt Bessie's, known for its Yorkshire puddings and frozen potatoes, will expand Nomad Food's footprint in United Kingdom adding to its Birds Eye brand. The combination is expected to result in a highly complementary portfolio with significantly enhanced scale, greater diversification and more resources to accelerate category growth. The acquisition is also expected to immediately add to Nomad Food's earnings.

Aunt Bessie's Expands Nomad Foods' Presence within Potatoes, One of the Largest Categories in Frozen Food

Commenting on the acquisition, Stefan Descheemaeker, CEO of Nomad Foods, stated that Aunt Bessie's iconic brand, positive values and strong product credentials align well with the Company's existing portfolio.

According to Mr. Descheemaeker, as Nomad Foods' second accretive acquisition in 2018, Aunt Bessie's represents another step toward its goal of transforming the frozen food category and building a portfolio of best-in-class food brands.

Stefan added that Aunt Bessie's significantly expands Nomad Foods' presence within potatoes, one of the largest categories in frozen food, while adding another dimension to the Company's growing portfolio in the United Kingdom.

Nomad Foods' Recent Acquisition

On April 23, 2018, the Company completed its previously announced acquisition of Green Isle Foods Ltd (Goodfella's Pizza) from a subsidiary of Boparan Holdings Ltd for a purchase price of £200 million, subject to customary working capital adjustments. Goodfella's represented an important step in expanding Nomad Foods' share of the frozen food category in Western Europe. The acquisition was expected to be immediately accretive to adjusted EBITDA and adjusted earnings per share, and within two years contribute approximately €150 million revenue, €22 to €25 million adjusted EBITDA and €0.08 to €0.09 adjusted earnings per share. The purchase was funded through cash on hand.

About Aunt Bessie's Ltd

Established in 1995, Aunt Bessie's is a UK producer of frozen food products. The Company produces frozen Yorkshire puddings, potato products, meal accompaniments, ready meals, vegetables, and desserts. The Company has its factories in Hull and employs over 350 staff.

About Nomad Foods Ltd

Headquartered in Feltham, United Kingdom, Nomad Foods is a leading frozen foods company building a global portfolio of best-in-class food companies and brands within the frozen category and across the broader food sector. The Company produces, markets and distributes brands in 17 countries and has the leading market share in Western Europe.

Stock Performance Snapshot

June 05, 2018 - At Tuesday's closing bell, Nomad Foods' stock marginally fell 0.71%, ending the trading session at $18.18.

Volume traded for the day: 2.03 million shares, which was above the 3-month average volume of 1.13 million shares.

Stock performance in the last month - up 10.12%; previous three-month period - up 10.32%; past twelve-month period - up 26.87%; and year-to-date - up 7.51%

After yesterday's close, Nomad Foods' market cap was at $3.12 billion.

Price to Earnings (P/E) ratio was at 20.09.

The stock is part of the Consumer Goods sector, categorized under the Processed & Packaged Goods industry.

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