- Nomad Foods (NYSE:NOMD) entered into an agreement to acquire Green Isle Foods Ltd. (“Goodfella’s Pizza”) from a subsidiary of Boparan Holdings Ltd. for approximately €225M on a debt free, cash free basis.
- The acquisition also includes the San Marco brand and two frozen pizza manufacturing facilities which provide a foundation for future expansion in the category.
- Nomad Foods expects the acquisition to be immediately accretive to adjusted EBITDA and adjusted earnings per share and, within two years post-closing, contribute ~€150M revenue, €22 to €25M adjusted EBITDA and €0.08 to €0.09 adjusted EPS.
- The purchase price is expected to be funded through cash on hand and the transaction is expected to be completed in Q1.
- The company expects 2017 results to exceed prior guidance and therefor now expects Adjusted EBITDA to be ~€328M vs. the prior expectation of ~ €325 to €327M;
- Organic revenue: ~+5% for Q4 vs. prior guidance of ~+3%.
- The company will report Q4 results in March.
- Press Release
- Now read: Nomad Foods Ltd. 2017 Q3 - Results - Earnings Call Slides
Original article