Nomad adds Aunt Bessie’s potatoes to its UK brands

Bloomberg

Aunt Bessie’s Yorhire puddings and roast potatoes, the side dishes that are part of a traditional British roast dinner, have a new owner.
Nomad Foods Ltd., the frozen-foods company backed by entrepreneurs Martin E. Franklin and Noam Gottesman, has agreed to acquire British prepared foods maker Aunt Bessie’s Ltd. from owner William Jackson & Son Ltd., according to a statement.
The deal values Aunt Bessie’s at about $281 million. That’s about 10 times the company’s adjusted earnings before interest, taxes, depreciation and amortisation of 23 million euros for the fiscal year through April.
“Aunt Bessie’s is expected to be immediately accretive to earnings,” co-chairman and founder Gottesman said.
Buying Aunt Bessie’s will add the company’s frozen pies, vegetables and pastry mixes to Nomad’s portfolio of brands including Birds Eye, Findus and Iglo. It also builds out Nomad’s footprint in the UK, adding to its acquisition of Goodfella’s Pizza, which was completed in April. The UK is Nomad’s largest market by revenue, according to its latest annual report.
Nomad reported first-quarter results in May, topping analyst estimates and sending shares higher as it raised earnings guidance to the high end of prior expectations.