Nomad Foods has announced the completion of its acquisition of Green Isle Foods Ltd (Goodfella's Pizza) for £200 million.
Commenting on the transaction, Stefan Descheemaeker, Nomad Foods’ Chief Executive Officer said, “Goodfella’s represents an important step in expanding our share of the frozen food category in Western Europe. 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. We are excited to welcome Goodfella’s to the Nomad Foods organisation and look forward to driving shareholder value by combining our scale and commercial capabilities with their deep knowledge and expertise of the attractive frozen pizza category.”
With the acquisition of Green Isle Foods Ltd, Nomad Foods predicts to be immediately accretive to adjusted EBITDA and by 2020, will contribute approximately €150 million revenue, €22 to €25 million adjusted EBITDA.
Goodfella’s Pizza manufactures will continue to distribute a range of frozen pizzas in the United Kingdom and Ireland. Founded in 1993, the Goodfella’s brand, which accounts for the majority of Green Isle Foods Ltd revenues, holds top market share positions within the frozen pizza industry in Ireland and the United Kingdom. The acquisition also includes the San Marco brand and two frozen pizza manufacturing facilities which will provide a solid foundation for expansion in the industry.