Iglo Group sold for EUR2.6 billion

The European manufacturer of frozen food Iglo Group was sold to Nomad Holdings limited (“Nomad”) for EUR 2.6 billion, announced Permira.

Nomad is a publicly-listed acquisition company and, as part of the transaction, the Permira Funds will retain a 9 per cent stake in Nomad Foods Limited upon closing. The transaction is subject to customary closing conditions and is expected to complete in the second quarter of 2015.

Iglo Group is one of the biggest frozen food business in Europe with iconic brands including Birds Eye in the UK and Ireland, Iglo in Germany and other continental European markets, and Findus in Italy. This was achieved by investing heavily into product innovation, improving its brand marketing and taking advantage of consolidation opportunities in the European frozen food market.

Cheryl Potter, head of Permira’s global consumer team, said: “We are very proud to have helped Iglo Group over the past 8 years to become the undisputed European market leader in branded frozen foods. With the backing of the Permira Funds, the company has been able to invest heavily in product innovation and brand marketing as well as to achieve panEuropean scale with the acquisition of Findus Italy in 2010. Iglo Group is a great example of how we partner with leading consumer brands and support them, including during tougher economic times, to foster innovation and build a platform for sustainable growth.”

It has also been announced that Iglo’s Group’s CEO, Elio Leoni Sceti, is to leave at the end of June to take up another CEO position in July but will continue as a Non-Executive Director on Nomad’s Board. Elio joined the company in May 2013 and has led a significant transformation, focusing the Group’s strategy on creating meaningful innovation for every day, every meal and everybody and developing insightful connections with consumers.

Elio Leoni Sceti, Iglo Group’s Chief Executive Officer, declared: “Innovation inspired by consumers has been at the heart of our strategy and I am particularly proud of the innovation platforms we have created. I am pleased that Iglo Group, in the hands of an excellent management team, is well-placed to deliver on the ambitions that the Group has set itself.”