Packaged foods company Nomad Foods said on Monday it would buy British frozen foods maker Aunt Bessie's from William Jackson & Son Ltd for €240 million ($281.33 million).
Aunt Bessie's, known for its Yorkshire puddings and frozen potatoes, will expand Nomad's footprint in the UK adding to its Birds Eye brand.
The acquisition is Nomad's second this year, following the company's €225 million ($263.70 million) acquisition of Goodfella's Pizza which it completed in April.
Aunt Bessie's is expected to immediately add to Nomad's earnings and will expand its presence within the potatoes category, one of the largest segments in frozen food, the company said.
Commenting on the transaction, Stefan Descheemaeker, Nomad Foods’ Chief Executive Officer said, “We are excited to welcome Aunt Bessie’s to Nomad Foods. Aunt Bessie’s iconic brand, positive values and strong product credentials align well with our existing portfolio.
"As our second accretive acquisition in 2018, Aunt Bessie’s represents another step toward our goal of transforming the frozen food category and building a portfolio of best-in-class food brands. Aunt Bessie’s significantly expands our presence within potatoes, one of the largest categories in frozen food, while adding another dimension to our growing portfolio in the United Kingdom.”
Credit Suisse acted as financial advisor and Norton Rose Fulbright acted as legal adviser to Nomad Foods on the transaction while Stamford Partners acted as financial adviser and Addleshaw Goddard acted as legal adviser to William Jackson & Son.
News by Reuters, edited by Checkout. Additional Reporting By Aidan O'Sullivan. Click subscribe to sign up for the Checkout print edition.