Findus Group, one of Europe’s leading frozen food and seafood suppliers with annual sales of US$1.4 billion, has received final regulatory approval from Spain for its acquisition of frozen meals business, La Cocinera from Nestle for an undisclosed amount.
Two years ago Nestle announced its plan to divest itself of some of its underperforming brands. Since that time, it has sold its 10% stake in Swiss flavors company, Givaudan, sold its PowerBar nutrition business to Post Holdings, and has sold its Jenny Craig brand in North America, Australia, New Zealand, and regions of the Pacific to private equity firm, North Castle Partners.
The deal will double the scale of Findus’ retail operations in Spain and will include the frozen meals factory in Valladolid, Spain and the La Cocinera brand, with retail sales of €65 million. The factory will add to the 15 production plants that Findus currently operates across Europe, and will help solidify the group’s market share in the ready meals category in France, Spain, and Belgium.
The Findus Group, who’s investors include, TriPointe Capital Partners, Lion Capital, JP Morgan, and Highbridge Capital Management, has stated it will finance the deal through existing cash flow.
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