Nomad Holdings Ltd., a British Virgin Islands corporation, announced on June 1 it has acquired Iglo Foods Holdings Ltd., what it claims is Europe's leading frozen food company, for approximately €2.6 billion ($2.86 billion). With the closing of this transaction, Nomad has been renamed Nomad Foods Ltd.
The transaction was funded through a combination of Nomad's cash on hand, equity and a private placement of approximately $795 million. In addition, the Permira funds and senior management reinvested €133.5 million of their proceeds into Nomad and now own approximately 9 percent of Nomad Foods.
Stéfan Descheemaeker has been appointed CEO of Nomad and Iglo Group. Paul Kenyon, Iglo Group's chief financial officer, has been appointed CFO of Nomad.
"Through Iglo Group, Nomad has gained an established presence in Europe's fragmented frozen foods space," said Noam Gottesman, Nomad's co-founder and co-chairman. [We] look forward to building on Iglo Group's market-leading position and to expanding into new and adjacent categories through disciplined M&A activity."