Get the app today! App Store Play Store

Nomad to Pay Permira $2.8bn for Birds Eye Owner Iglo

Published on Apr 20 2015 9:01 PM in A-Brands tagged: Trending Posts / Iglo / Permira

Nomad to Pay Permira $2.8bn for Birds Eye Owner Iglo

Entrepreneurs Martin E. Franklin and Noam Gottesman have agreed to acquire Iglo Foods Holdings, Europe’s largest branded frozen-food company, the first transaction by the duo’s acquisition vehicle Nomad Holdings.

Nomad will pay Permira Advisers LLP €2.6 billion ($2.8 billion) for Iglo, the owner of the Birds Eye brand, the private-equity company said in a statement on Monday. Permira will retain a 9 per cent stake.

Nomad raised about $500 million through an initial public offering in April 2014, with the purpose of funding an acquisition. Buying Feltham, England-based Iglo will add a business that had sales of about €1.5 billion and earnings before interest, taxes, depreciation, and amortization of €306 million last year.

Iglo is the second-largest frozen-food manufacturer globally. The market leader Nestlé said last week it is holding talks with Bain Capital’s Brakes Group over the sale of its European frozen-food unit Davigel.

Nomad has been examining opportunities in the frozen food market since the start of the year and is likely to follow up with more deals in the space, Franklin said in a telephone interview.

“It’s defensive and non-cyclical, and there are a lot of opportunities for further acquisitions in the market,” he said. “BirdsEye is the market leader in the frozen foods industry and a perfect platform for us to grow from.”

Bloomberg News, edited by ESM


Share on Facebook Share on Twitter Share on LinkedIn Share via Email