Aunt Bessie’s is a British-based frozen food company which manufactures, distributes and sells a range of branded frozen food products. The Aunt Bessie’s brand specialises in frozen Yorkshire puddings and frozen potatoes, which combine to represent the majority of its revenues. As a brand Aunt Bessie’s is identified with roast dinners.
The acquisition of Aunt Bessie’s is also expected to further develop Nomad Foods’ portfolio in the UK, a strategically important market. The combination of Aunt Bessie’s, Birds Eye and recently acquired Goodfella’s is expected to result in a portfolio with significantly enhanced scale, greater diversification, and more resources to accelerate category growth.
For its fiscal year ended April 2018, Aunt Bessie’s generated revenues and adjusted EBITDA of approximately €123m and €23m, respectively. The purchase price is expected to be funded through cash on hand and debt. The transaction is expected to be completed during the third quarter of 2018, subject to certain closing conditions including obtaining any necessary regulatory approvals.
Credit Suisse acted as financial advisor and Norton Rose Fulbright acted as legal advisor to Nomad Foods on the transaction. Stamford Partners acted as financial advisor and Addleshaw Goddard acted as legal advisor to William Jackson & Son on the transaction.
Source: Food & Drink Technology