Deal of the day
Following last year’s acquisition of the continental European business belonging to Findus, Stefan Descheemaeker, the chief executive of the highly ambitious packaged foods company Nomad Foods, has indicated that his group could be about to set off on the acquisition trail once again.
Nomad is understood to have between €500m and €600m to spend on acquisitions and commenting as Nomad unveiled its second quarter 2016 results, Descheemaeker highlighted that one of the key priorities for the group is to pursue the consolidation of the European frozen category and that his company continues to see further acquisition opportunities.
“We believe we are well positioned to execute both bolt-on synergistic acquisitions in European frozen as well as broader strategic transactions globally as a means of delivering value for our shareholders,” he said.
Commenting on the longer term prospects for building the company’s North American footprint, Descheemaeker underscored the importance of starting from a strong platform saying “I don’t think you can afford to go to something which is too small in the US, because if it’s too small as such, probably isn’t starting from the right starting position, reasonably leading position”.
“So don’t expect like a bolt-on in the US or necessarily something in frozen food, but expect something that responds to the same criteria as the one that we had described and used for Iglo. But there are different categories that fit the bill”.
Nomad has spent the last year working on integrating the Findus operations with those of its existing Iglo brand and Descheemaeker said that the integration of Findus continues to be a key focus and is on track.
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