Following its acquisition of Findus Switzerland, Nomad Foods Limited has begun negotiations to takeover Fortenova Group’s Frozen Food Business Group (FFBG).
The deal would see Nomad Foods also acquire other frozen brands, including Ledo and Frikom.
With a frozen food portfolio which stretches across Croatia, Serbia, Bosnia & Herzegovina and several other countries in South-eastern Europe, FFBG also operates across numerous categories including fish, fruits, vegetables, ready meal, pastry and ice cream.
The acquisition of FFBG would extend Nomad’s portfolio into new and developing European markets, having most recently acquired Findus Switzerland.
James Pearson, Fortenova Group’s chief financial officer, commented: “Nomad Foods is a company with outstanding investment and operational track record that has a clear focus on the frozen foods segment in Europe. There is of course still a lot of work to do and a number of conditions that need to be fulfilled before coming to a final agreement, but we fully expect to be able to do this.”
Fabris Peruško, Fortenova Group’s chief executive officer and member of the Board of Directors, added: “This transaction is part of the process of the capital structure optimisation that will enable the further development of the Fortenova Group. I expect the next phase of the Frozen Food Business Group sale process to be completed by the end of quarter one this year, through the signing of a Sale and Purchase Agreement. If so, the transaction could be completed post receipt of regulatory approvals, as early as Summer 2021. We will continue to keep our people and the market informed of further developments in a timely manner.”