Permira announces today that a company backed by Permira Europe III has entered into a definitive agreement to sell Iglo Foods Holdings Limited ("Iglo Group", or the "Group"), Europe's largest frozen food business, to Nomad Holdings Limited ("Nomad") for €2.6 billion. Nomad is a publicly-listed acquisition company and, as part of the transaction, the Permira funds will retain a 9% stake in Nomad Foods Limited upon closing. The transaction is subject to customary closing conditions and is expected to complete in the second quarter of 2015.
Under the Permira funds' ownership, Iglo Group has established itself as Europe's largest frozen food business with iconic brands including Birds Eye in the UK and Ireland, Iglo in Germany and other continental European markets, and Findus in Italy. This was achieved by investing heavily into product innovation, improving its brand marketing and taking advantage of consolidation opportunities in the European frozen food market. In October 2010, the Permira funds provided additional investment to enable the acquisition of Findus Italy adding significant scale to the Group. As a result, Iglo Group has achieved leadership in seven out of the 12 countries in which it operates, including the UK, Germany and Italy, which account for c. 85% of sales. The company is also in a strong financial position today having recently reported revenues of €1.5 billion and EBITDA of €306 million for FY2014.
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