Nomad Foods Completes Acquisition of Aunt Bessie’s

03-Jul-2018 - VG

Nomad Foods Limited (NYSE: NOMD) announced today that it has completed its previously announced acquisition of Aunt Bessie’s Limited from William Jackson & Son Limited for a purchase price of approximately €240 million.

Commenting on the transaction, Stefan Descheemaeker, Nomad Foods’ Chief Executive Officer, said, “The acquisition of Aunt Bessie’s exemplifies our dedication and progress towards transforming the frozen food category, both organically and through acquisitions. Aunt Bessie’s further develops our portfolio in the UK with its strong brand positioning and market leadership in frozen roast potatoes and frozen Yorkshire puddings. We are eager to welcome the Aunt Bessie’s team to the Nomad Foods organization and look forward to creating value for all stakeholders.”

Aunt Bessie’s is a leading frozen food company in the United Kingdom where it manufactures, distributes and sells a range of branded frozen food products. The Aunt Bessie’s brand holds number one and number two market share positions, respectively, within frozen Yorkshire puddings and frozen potatoes, which combine to represent the majority of its revenues. As a brand closely identified with roast dinners, Aunt Bessie’s will expand Nomad Foods’ portfolio into this major eating occasion. The acquisition includes a production facility in Hull, England.

For its fiscal year ended April 2018, Aunt Bessie’s generated revenues and adjusted EBITDA of approximately €123 million and €23 million, respectively. In conjunction with the acquisition, Nomad Foods completed a €260 million increase in its existing term loan facilities.

Credit Suisse acted as financial advisor and Norton Rose Fulbright acted as legal advisor to Nomad Foods on the transaction. Stamford Partners acted as financial advisor and Addleshaw Goddard acted as legal advisor to William Jackson & Son on the transaction.

https://www.yumda.com/en/news/1156140/nomad-foods-completes-acquisition-of-aunt-bessies.html