Nomad Holdings Completes Acquisition of Iglo Foods

Nomad Holdings Completes Acquisition of Iglo Foods

Tortola, B.V.I., – Nomad Holdings Limited (LSE: NHL) announced today that it has completed its acquisition of Iglo Foods Holdings Limited (“Iglo Group”), Europe’s leading frozen food company, for approximately €2.6 billion. With the closing of this transaction, Nomad has been renamed Nomad Foods Limited.

The transaction was funded through a combination of Nomad’s cash on hand, equity and proceeds from a private placement of approximately $795 million at US$10.50 per ordinary share to a limited group of institutional investors, assumption of Iglo Group’s existing indebtedness and the early exercise of most of Nomad’s outstanding warrants. In addition, the Permira funds and senior management re-invested €133.5 million of their proceeds into Nomad and now own approximately 9% of Nomad Foods Limited.

Noam Gottesman, Nomad’s co-founder and co-chairman, commented, “The completion of this acquisition marks the start of Nomad’s growth story. Through Iglo Group, Nomad has gained an established presence in Europe’s fragmented frozen foods space. Martin (Franklin) and I look forward to building on Iglo Group’s market-leading position and to expanding into new and adjacent categories through disciplined M&A activity. Our talented team led by Stéfan, strong financial footing, and supportive shareholder base provide us with the resources necessary to pursue growth opportunities that will pave the way for long-term value creation.”

Stéfan Descheemaeker, Nomad’s newly-appointed Chief Executive Officer, said “I am excited to embark on this journey. There are abundant organic and acquisitive growth opportunities available within the consumer foods space and I look forward to working with both the Nomad and Iglo Group teams in order to realize new levels of success.”

The sale of Iglo Group to Nomad has enabled Iglo Group to substantially improve its debt profile through the repayment of €490 million in existing term loans resulting in a net debt to EBITDA ratio of less than 3.8X. Additionally, Iglo Group has repriced its term loans and reduced overall interest rates through an amendment to its Senior Facility Agreement. These actions have contributed to a recent ratings upgrade by Moody’s to “B1” from “B2”. In addition, Standard & Poor’s has revised its outlook from “stable” to “positive” while reaffirming its “B+” rating.

Source: Iglo Group