FELTHAM, ENGLAND` — Nomad Foods on March 29 announced it has reached an agreement with Fortenova grupa d.d. to acquire Fortenova’s Frozen Food Business Group (FFBG) for €615 million ($724 million) in a cash transaction.
Based in Zagreb, Croatia, FFBG offers a variety for frozen foods products in the fish, fruits, vegetables, ready meals, pastry and ice cream categories. Its distribution is centered in Eastern Europe, mostly what was formerly known as Yugoslavia. Countries FFBG reaches include Croatia, Serbia, Bosnia and Herzegovina, Hungary, Slovenia, Kosovo, North Macedonia and Montenegro.
FFBG’s top brands are Ledo and Frikom and hold a No. 1 market position in many of the markets it serves.
“The acquisition of FFBG reinforces Nomad’s European frozen food leadership while strategically expanding our portfolio into attractive new markets and creating an exciting new category adjacency in ice cream,” said Stefan Descheemaeker, chief executive officer of Nomad Foods. “Like Birds Eye, Findus and iglo, Ledo and Frikom are institutions in their respective markets with strong consumer awareness and No. 1 market share. Similar to Nomad, FFBG is singularly focused on frozen food, a fantastic category that is aligned with consumer trends, including convenience and sustainability. We plan to leverage our combined pan-European scale, commercial expertise and passion for frozen food while harnessing the unique local characteristics and traditions of FFBG’s brands.”
Ice cream accounts for half of FFBG sales.
Nomad Foods is a leading frozen foods company in Europe with brands that include Birds Eye, Findus, igloo, Aunt Bessie’s and Goodfella’s.