July 14, 2015

Nomad Foods has raised $320 million before expenses from a completed private placement of a total of 15,445,346 new ordinary shares. The shares sold represent about 9.99% of Nomad’s issued ordinary share capital.

Established in 2014 with the purpose of carrying out acquisitions, Nomad acquired Iglo Food Holdings for approximately €2.6 billion in April of this year. Upon the completion of the deal Nomad changed its name from Nomad Holdings to Nomad Foods Limited.

The European frozen food company, Iglo, owns Birds Eye in the UK and Ireland, Iglo in Germany, Austria, and the Netherlands, and Findus in Italy. Nomad referred to the acquisition as an ‘anchor investment’, from which it plans to build a portfolio of companies and brands.

In addition, it has been confirmed by both companies, that Nomad has offered €800 million for the Nordic and southern European cluster of Findus Group, and talks are ongoing regarding another takeover. Although Nomad is pursuing its plan of strategic growth through acquisitions and consolidation of Europe’s fragmented frozen food sector, it is facing some pushback from unions in France and Spain that are concerned that the process may mean the closure of plants.

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