UK – Nomad Foods Limited, a leading frozen foods company has agreed to acquire Green Isle Foods Ltd’s Goodfella’s Pizza for US$280 million to expand its portfolio into the sizable and complementary frozen pizza category.
Goodfella’s Pizza, a manufacturer and distributer of a portfolio of leading branded and private label frozen pizzas in the United Kingdom and Ireland, was a subsidiary of Boparan Holdings Ltd.
The acquisition included two of its brands, Goodfella’s and San Marco brands together with two frozen pizza manufacturing facilities which provide a foundation for future expansion in the category.
“The acquisition of Goodfella’s Pizza comes at an exciting time for our company. 2017 was a banner year as investments in our core portfolio translated into strong organic revenue growth.
We exited the year on a high note, with our updated guidance reflecting better than expected top and bottom line performance during the fourth quarter.
Goodfella’s Pizza creates a new and exciting growth avenue into frozen pizza, a strategic category that is both sizable and complementary.
We have a strong foundation in place and are well positioned to create shareholder value as we apply our proven toolkit of capabilities to Goodfella’s Pizza and further develop our portfolio of iconic and market leading brands.
We are excited to welcome the Goodfella’s Pizza employees to the Nomad family,” said Stefan Descheemaeker, Nomad Foods’ Chief Executive Officer.
The Goodfella’s brand also holds number one and number two market share positions within the frozen pizza category in Ireland and the United Kingdom, respectively.
The acquisition was expected to accrue great value in the next two years with the company targeting approximately US$186 million revenue, US$27 to US$31million adjusted EBITDA and US$0.1 to US$0.11 adjusted earnings per share.
“We are pleased to announce the acquisition of Goodfella’s Pizza. Over the past two years, Stefan and the team have successfully integrated two of Europe’s largest frozen food businesses while strengthening the core product offering.
With strong organic revenue growth momentum, the time is right to expand into new strategic categories such as pizza, which offer adjacent avenues for further growth and synergies.
The Goodfella’s Pizza brands and team broaden our product offering and customer reach, and solidify our market leadership within the United Kingdom and Ireland. We are pleased to welcome Goodfella’s Pizza to the Nomad Foods portfolio,” commented Noam Gottesman, Nomad Foods’ Co-Chairman and Founder.
The investment looks forward to expanding its presence in the frozen foods market, embarking on synergies from combining the Findus, Iglo and Goodfella’s pizza businesses.