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Nomad Holdings Closes EUR 2.6bn Acquisition of UK Frozen Foods Company Iglo.

MANews-(C)2009-2015

2 June 2015 - BVI-based blank check company Nomad Holdings Ltd. (LSE: NHL) has completed its acquisition of UK-based frozen food company Iglo Foods Holdings Ltd. for approximately EUR 2.6bn (USD 2.84bn), the company said.

With the closing of this transaction, Nomad has been renamed Nomad Foods Ltd.

The transaction was funded through a combination of Nomad's cash on hand, equity and proceeds from a private placement of approximately USD 795m at USD 10.50 per ordinary share to a limited group of institutional investors, assumption of Iglo Group's existing indebtedness and the early exercise of most of Nomad's outstanding warrants.

In addition, the Permira funds and senior management re-invested EUR 133.5m of their proceeds into Nomad and now own approximately 9% of Nomad Foods Ltd.

StA(c)fan Descheemaeker has been appointed as chief executive officer of Nomad and Iglo Group, effective immediately.

The sale of Iglo Group to Nomad has enabled Iglo Group to substantially improve its debt profile through the repayment of EUR 490m in existing term loans resulting in a net debt to EBITDA ratio of less than 3.8X.

Additionally, Iglo Group has repriced its term loans and reduced overall interest rates through an amendment to its senior facility agreement.

Iglo's core brands include Iglo, Birds Eye and Findus. The UK, Italy, Germany and Austria are the group's largest markets, representing approximately 85% of turnover.

Nomad Foods was formed in April 2014 to undertake an acquisition of a target company.

Country: UK

Sector: Food/Beverages/Tobacco

Target: Iglo Foods Holdings Ltd

Buyer: Nomad Holdings Ltd

Vendor:

Deal size in USD: 2.6bn

Type: Corporate Acquisition

Financing: Cash

Status: Closed

Buyer advisor: , ,

Comment:

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Publication:M & A Navigator
Geographic Code:4EUUK
Date:Jun 2, 2015
Words:282
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