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Croatia: Nomad Foods Limited buys Ledo Company

Fortenova Group has sold Nomad Foods Limited to its Frozen Food Business Group consisting of Ledo plus, Ledo litluk and Frikom and several small affiliated companies, the company announced in a statement Monday.

Fortenova Group said the transaction value amounted to EUR 615 million on a debt-free basis, with no money, with the completion planned for Q3 2021.

“This is a transformative transaction for the Fortenova Group with all the funds that will be used to devalue the Group and provide a Fortenova Group that, after many years, is financially strong and able to fully invest in all of its businesses. said James Pearson, Fortenova Group Chief Financial Officer.

Upon completion, Nomad Foods will become the owner of FFBG which includes a leading European portfolio of frozen foods of local iconic brands with strong consumer awareness in Croatia, Serbia, Bosnia & Herzegovina and several other countries in South East Europe. (SEE). With more than half a century of tradition, FFBG is the largest producer and distributor of ice cream and frozen foods in the respective markets.

“Our frozen food business group is the market leader in the region where we operate and I am pleased that we have achieved our main goal in its sales process. “The goal was, above and above value maximization, to complete this transaction with a strategic partner who will make the maximum contribution to the further development of FFBG and recognize the full value and potential of this business and its people,” he said. Fabris Peruško, Fortenova Group Chief Executive Officer and member of the Board of Directors.

“With the completion of this transaction, we will meet a key precondition for optimizing the capital structure that will enable strong investments in our businesses and guide their future growth. I am very grateful to all the people in the Frozen Food Group and the Fortenova Group who have worked hard over the last six months to make this happen. “Knowing that our Frozen Food will be in very good hands, we are looking forward to cooperating with Nomad Foods as an important future business partner in this region,” Peruško concluded.

The termination of the transaction is subject to regulatory approvals in the applicable markets, as well as the approval of the Fortenova Group shareholders. The Board of Directors of the Fortenova Group, also composed of representatives of majority shareholders, has unanimously supported the signing of the SPA with Nomad Foods.

In addition to being popular for frozen fish, vegetables, pasta and ready meals, Ledo’s ice cream range includes King, Maximo, Macho and Snjeguljica brands.

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