Nomad Holdings has entered into a sale agreement to buy European frozen food giant and Birds Eye maker, Iglo Foods, with the deal estimated to be worth €2.6 billion.
Iglo Group is one of the largest frozen food company in Europe with sales across 12 countries and a specific focus on markets in the UK, Germany, and Italy, where the company maintains manufacturing operations.
Headquartered in the UK with around 2800 employees across Europe, Iglo Foods’ brands include Birds Eye in the UK and Ireland, Iglo in Germany, Austria, the Netherlands, and other continental European markets, and Findus in Italy.
Following the completion of the sale, Nomad’s founders, Noam Gottesman and Martin E. Franklin, will be appointed as non-executive chairmen of Nomad Foods Limited.
Iglo Group’s current CEO, Elio Leoni Sceti, has resigned from his role and will continue to act as chief until June 2015, he will then become a non-executive director of Nomad Foods Limited.
Nomad says it is now undertaking a comprehensive search process to identify a replacement for Sceti and expects to appoint a new CEO in the near future.
