Nomad Foods (LSE: NHL) has agreed to acquire Findus Group's Continental European frozen food businesses in a transaction valued at approximately £500 million. The seller is backed by a consortium of investors including Highbridge Principal Strategies, Lion Capital and Sankaty Advisors. Nomads will issue 8.4 million ordinary shares to the seller and fund £400 million of the deal in cash using a combination of cash on hand and debt. It will look to secure debt funding from UBS, Credit Suisse and Barclays. The business's annual revenues are approximately €600 million with an adjusted EBITDA margin of approximately 11%.
Findus Group (Continental European Frozen Food Business)