Latest News in the Business and Financial World

Thursday, April 22, 2021
Log in
  • Home
  • Company News & Financials
  • OTC Markets
  • Tech & Science
  • Health & LifeStyle
  • About WS OTC
    • Analysts & Contributors
    • Contact Us
    • Advertising
    • Feedback
    • Privacy Policy GDPR
  • Mobile
  • Latest News
    • New Theories Explain the Disappearance of the Mayan Civilization
    • What Happens If Coral Reefs Die?
    • Monsanto Loses Lawsuit for its Herbicide Products
    • Mankind (MNKD) shares Plunge after FDA Approves Afrezza, inhaled Insulin for Diabetes patients
    • Psychologists Confirm that Violent Video Games Boost Aggressiveness
    • World of Warcraft: Warlords of Draenor Release Date on Nov 13
    • iPass Global Hotspot Map Unveils Worldwide Wi-fi Coverage

Pages

  • About Wall Street OTC
  • Advertising
  • Analysts & Contributors
  • Contact
  • Feedback
  • Mobile
  • Privacy Policy GDPR
  • Terms of Service

Recent Posts

  • SF Hospital Slaps New Parents with $19K Bill for Baby Treatment
  • Furious Trump Blasts Harley-Davidson for Moving Production Overseas
  • Warning! MRI Machines Could Poison You
  • Flight Attendants More Likely to Get Certain Cancers
  • More Red Meat Allergy Cases Related to Lone Star Tick Bites

Nomad Holdings Acquires Frozen-Food Giant Iglo Foods for $2.9 Billion

Jun 5, 2015 By Kevin Calderon Leave a Comment

Email, RSS Follow

Nomad Holdings Acquires Frozen-Food Giant Iglo Foods

On Monday, the private-equity company Nomad Holdings Ltd announced that it had successfully bought Iglo Foods Holdings Ltd., Europe’s largest manufacturer of frozen food and world’s second-largest frozen food producer.

According to a report designed to brief investors of both companies, the final price of the deal was 2.6 billion euros ($2.9 billion). The acquisition was in talks since April when an agreement was finally closed between Nomad and Permira Advisers LLP. In April, Pemira agreed to retain 9 percent of the company.

According to the company’s financial documents, England-based Iglo’s sales volume was about $1.68 billion and earnings before interest, taxes, depreciation, and amortization were $343 million last year.

Iglo currently holds the second position in frozen-food industry worldwide, after McCain Foods with a 3.3 percent share of the global market in 2014. Last week, Nestle SA also announced that it would trim its portofolio by selling its European frozen-food business and brand Davigel to Bain Capital’s Brakes Group.

After the acquisition of Iglo Foods Holdings Limited, Nomad Holdings Limited was renamed to Nomad Foods Limited. The name change is consistent with the company’s long-term goal to take a deep dive into the frozen-food business.

Stefan Descheemaeker, Nomad’s newly appointed chief executive disclosed Monday a “strategic plan” meant to focus on “leveraging Iglo’s iconic brands, market positions, and attractive growth margin profile,” while promoting an organic growth.

Mr. Descheemaeker also revealed that his company was in talks to buy Findus Group, another frozen-food producer, and its European business.

Nomad hopes that Iglo and Findus would help it create a frozen-food mammoth selling a wide diversity of frozen foods from fish sticks and vegetables to microwable chili con carne and lasagna.

Iglo Foods, which owns the Birds Eye brand of frozen vegetables, reportedly sells a product line of frozen foods under Findus’ name in Italy. The information was disclosed by the NY times.

Findus has as major investors Highbridge Capital, JPMorgan Chase and Lion Capital.

But the negotiations with Findus are only “preliminary” and there isn’t much certainty that a deal would be reached, said billionaire Bill Ackman, Nomad Foods’ major investor.

On Tuesday, Ackman announced that his hedge fund management company Pershing Square bought a 21.7 percent stake in Nomad Foods. The businessman also disclosed that Iglo’s aquisition was made at a nearly 9 times 2014 adjusted earnings before interest, taxes, depreciation, and amortization, or EBITDA, which he viewed as “reasonable” related to Iglo’s “modest growth potential.”

Image Source: Fdin.uk

Email, RSS Follow
The following two tabs change content below.
  • Bio
  • Latest Posts

Kevin Calderon

Kevin is a content-crafter at Wallstreet OTC specializing in editorial and news. He promised us that he will keep his articles short but he always seem to stop only when the character count maximum.

Latest posts by Kevin Calderon (see all)

  • Scientists Detect A New Species Of Jurassic Ancestor Of The Crocodile - Oct 3, 2017
  • The Wombats Have Giant Ancestors That Used To Migrate Annually - Sep 28, 2017
  • Coffee And Bees Are Both Tied And Dependent On The Climate - Sep 13, 2017

Filed Under: Business, Company News & Financials

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 72 other subscribers

Mom holding newborn's hands

SF Hospital Slaps New Parents with $19K Bill for Baby Treatment

Jun 29, 2018 By Anne-Marie Jackson Leave a Comment

Harley-Davidson biker

Furious Trump Blasts Harley-Davidson for Moving Production Overseas

Jun 28, 2018 By Anne-Marie Jackson Leave a Comment

MRI machine

Warning! MRI Machines Could Poison You

Jun 27, 2018 By Anne-Marie Jackson Leave a Comment

Flight Attendants More Likely to Get Certain Cancers

Jun 27, 2018 By Anne-Marie Jackson Leave a Comment

Lone star tick sitting on a succulent leaf

More Red Meat Allergy Cases Related to Lone Star Tick Bites

Jun 26, 2018 By Anne-Marie Jackson Leave a Comment

Time magazine cover

Time Admits Sobbing Cover Girl Was Not Separated from Parents

Jun 26, 2018 By Anne-Marie Jackson Leave a Comment

Sunshine and green leaves

Vitamin D Deficiency Could Boost Risk of Lung Disease

Jun 25, 2018 By Anne-Marie Jackson Leave a Comment

Green-light laser pointer

Greek Boy’s Retina Severely Damaged by Laser Pointer

Jun 22, 2018 By Anne-Marie Jackson Leave a Comment

Red Tesla car

Tesla Suing ‘Whistleblower’ over Data Theft

Jun 21, 2018 By Anne-Marie Jackson Leave a Comment

Boiled eggs and mayonnaise

Eating too Clean Can Lead to Orthorexia

Jun 20, 2018 By Anne-Marie Jackson Leave a Comment

NYC mayor Bill de Blasio

NYC Will Allow People to Smoke Pot in Public

Jun 20, 2018 By Anne-Marie Jackson Leave a Comment

A kitten and a puppy sleeping in a bed while hugging each other

Who Is Smarter Between Cats and Dogs? Researchers Have an Answer (Study)

Jun 19, 2018 By Anne-Marie Jackson Leave a Comment

Orthodox church in Greece

Being Religious Is Tied to Longer Lifespan, Study

Jun 19, 2018 By Anne-Marie Jackson Leave a Comment

Bacon and eggs for breakfast

How Does the Keto Diet Work?

Jun 18, 2018 By Anne-Marie Jackson Leave a Comment

Related Articles

  • Harley-Davidson biker

    Furious Trump Blasts Harley-Davidson for Moving Production Overseas

    Jun 28, 2018
  • Red Tesla car

    Tesla Suing ‘Whistleblower’ over Data Theft

    Jun 21, 2018
  • Mediterranean Diet

    Major 2013 Study on Mediterranean Diet Withdrawn

    Jun 15, 2018
  • Chinese man in a taxicab

    China Uber Rival to Allow Only Same-Sex Passengers as Driver at Night

    Jun 14, 2018
  • Bitcoin rendition

    Market Manipulation Was Behind Bitcoin’s 2017 Price Surge, Study

    Jun 13, 2018
  • American kids selling lemonade

    American Kids Forced to Obtain Permits to Sell Lemonade

    Jun 12, 2018
  • President Donald Trump and VP Mike Pence

    America Could Be Hit By a 2008-Like Recession in 2020

    Jun 6, 2018
  • Hobby Lobby store at night

    Hobby Lobby Agrees to Return Smuggled Artefacts to Iraq

    May 3, 2018
  • United Airlines airplane

    United Airlines to Resume Pet Reservations in July

    May 2, 2018
  • Nikola Motors truck

    Tesla Motors Faces $2Bn Lawsuit for Allegedly Copying Electric Truck Design

    May 2, 2018

Categories

  • Business
  • Company News & Financials
  • Diversified Financial
  • Entertainment
  • Featured
  • Health & LifeStyle
  • Micro Cap
  • Mid Cap
  • National News
  • Nature
  • OTC Exchange
  • OTC Markets
  • OTC Research
  • Science
  • Small Cap
  • Sports
  • Tech & Science
  • U.S.
  • Uncategorized
  • Wall Street
  • World
  • World Indexes

Copyright © 2021 wallstreetotc.com

About · Privacy Policy · Sitemap · Terms of Service · Contact