Findus, the frozen food group known for products such as its Crispy Pancakes, has confirmed it is in exclusive talks with Nomad Holdings, a vehicle founded by entrepreneurs Martin Franklin and Noam Gottesman, over a sale of its European business.
The confirmation comes a day after Nomad, which is listed on the London Stock Exchange and earlier this year bought Iglo Group, the maker of Birds Eye fishfingers, admitted its interest in Findus.
In a statement released on Thursday, Findus said the talks concern its Nordic and southern European business but not its UK fish and seafood company, Young’s.
From the statement:
The scope of these discussions includes Findus Nordic (including Sweden, Norway, Finland and Denmark) and Findus Southern Europe (including France, Spain and Belgium) but not Young’s Seafood Limited, Findus Group’s leading fish and seafood company in the UK.
Findus added that due diligence is currently being carried out and the discussions “may or may not result in a transaction”. The company also raised the prospect of potential regulatory issues. More from the statement:
As well as Due Diligence, employee consultation and regulatory issues may eventually need to be addressed. Meanwhile, Findus Group and its businesses units in all markets are focussed on business as usual – continuing to serve its customers and provide high quality food to consumers across Europe.
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