Nomad Foods Ltd. today (24 April) confirmed that it has completed its previously announced acquisition of Green Isle Foods Ltd - the manufactor and distributer of Goodfella's Pizza from a subsidiary of Boparan Holdings Ltd.
According to a statement from the Birds Eye owner, the purchase price of £200 million is 'subject to customary working capital adjustments'.
The purchase was reportedly funded through cash on hand.
“Goodfella’s represents an important step in expanding our share of the frozen food category in Western Europe,” said Stefan Descheemaeker, Nomad Foods’ chief executive officer.
“The transaction is expected to be immediately accretive to earnings and creates a complementary avenue of growth to our base business, which continues to gain market share."
San Marco Brand
The packaged foods company said that acquisition also includes the San Marco brand and two frozen pizza manufacturing facilities.
As previously stated, Nomad Foods expects the acquisition 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.
Goodfella’s Pizza manufactures and distributes a portfolio of leading branded and 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 number one and number two market share positions within the frozen pizza category in Ireland and the United Kingdom, respectively.
© 2018 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition.