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16.39 17 Jan 2018


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Frozen foods company Nomad Foods has announced it is to buy Green Isle Foods - the maker of Goodfella's Pizza.

Nomad Foods - whose brands include Birds Eye and Findus - is to acquire the firm from a subsidiary of Boparan Holdings for around €225m on a debt free, cash free basis.

Goodfella's Pizza manufactures and distributes frozen pizzas in Ireland and the UK.

Green Isle Foods is Ireland’s largest frozen food producer and is headquartered in Naas, Co Kildare.

The acquisition also includes the San Marco brand and two frozen pizza manufacturing facilities in Naas and Longford.

However others part of Green Isle Foods businesses - including brands such as UpperCrust, Green Isle and Donegal Catch - will remain part of 2 Sisters Food Group, the parent of Green Isle.

The Goodfella's brand was founded in 1993 and holds number one and number two market share positions within the frozen pizza category in Ireland and Britain, respectively.

Stefan Descheemaeker, Nomad Foods CEO, said: "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."

Image: goodfellaspizzas.com

Ranjit Singh, chief executive of 2 Sisters Food Group, added: "We have had approaches over the past couple of years for these businesses, and we have been talking to several interested parties during this period.

"But a sale had to be at the right time, with the right buyer, and it had to be a deal that fitted with our long-term strategy.

"This deal represents our first major step to transform 2 Sisters and build a better business.

"Nomad Foods is a fabulous new home and this deal will enable the business to continue to flourish with a new owner who are experts in the Frozen category."

Nomad Foods says the purchase price is expected to be funded through cash-on-hand.

The transaction is likely to be completed in the first quarter of 2018, subject to certain closing conditions.

Nomad Foods is headquartered in the United Kingdom and listed on the New York Stock Exchange.

It produces, markets and distributes brands in 17 countries.


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