Nomad Foods Limited (NYSE: NOMD) announced today that it has entered into an agreement to acquire Findus Switzerland from Froneri International Ltd. and certain intellectual property from an affiliate of Nestlé S.A. for aggregate consideration of approximately €110 million on a debt-free, cash-free basis.

Findus is the leading frozen food brand in Switzerland with a portfolio of value-added frozen products across categories including fish, vegetables and ready meals. The acquisition will expand Nomad Foods’ geographic reach into Switzerland, a new and sizable market, providing a natural extension for our Findus product offering and brand family with an attractive entry point for Green Cuisine. This transaction will unify Nomad Foods’ ownership of the iconic Findus brand across Europe where it currently operates under the Findus brand in Italy, France, Spain, Sweden, Norway, Finland and Denmark.

Commenting on the transaction, Stéfan Descheemaeker, Nomad Foods’ Chief Executive Officer said, “We are thrilled to announce the acquisition of Findus Switzerland, a brand and market which closely complement our existing portfolio. By unifying the Findus brand under Nomad Foods’ ownership and extending our geographic reach into Switzerland, we believe we have multiple levers for long-term value creation. We look forward to welcoming the Findus Switzerland team into our organization.”

Noam Gottesman, Nomad Foods’ Co-Chairman and Founder, commented, “The acquisition of Findus Switzerland reinforces our strategy of growing through a combination of organic growth and complementary, accretive M&A. We have long admired this business, and we are excited to build on its success by leveraging the resources, capabilities and scale of our organization.”

Nomad Foods anticipates multiple sources of value creation including the opportunity to realize commercial and procurement synergies. The transaction is expected to be immediately accretive to Adjusted EPS.

The purchase price is expected to be funded through cash on hand, and the transaction is expected to be completed in the beginning of 2021.

Goldman Sachs International acted as financial advisor and Norton Rose Fulbright and Lenz & Staehelin are acting as legal advisors to Nomad Foods on the transaction.