Goodfella’s Pizza Sold For €225 Million
Naas-headquartered Green Isle Foods, which is Ireland’s largest frozen food producer, is selling its Goodfella’s Pizza business for €225 million on a debt free, cash free basis to UK-based Nomad Foods.
The transaction includes the sale of brands such as Goodfella’s and San Marco, as well as the ongoing supply of private label frozen pizza contracts to UK and Irish retailers. The Goodfella’s brand, which accounts for the majority of Goodfella’s Pizza revenues, was founded in 1993 and holds number one and number two market share positions within the frozen pizza category in Ireland and the UK, respectively. The acquisition also includes two frozen pizza manufacturing facilities which provide a foundation for future expansion in the category by Nomad Foods.
The frozen pastry, frozen vegetable and frozen fish parts of Green Isle Foods businesses, which include household brands such as UpperCrust, Green Isle and Donegal Catch, are being retained and will remain part of UK-based parent company 2 Sisters Food Group. The finalisation of the transaction is subject to customary closing conditions, which are expected to be completed in early 2018.
Nomad Foods is Europe’s largest frozen food producer with a portfolio of leading brands including Birds Eye, Iglo and Findus.
