Nomad Foods Limited · NYSE:NOMD
Nomad Foods — Merger or Acquisition (March 2021)
14 slides from Nomad Foods's merger presentation, Mar 29, 2021
Slide 1: To Acquire Fortenova's Frozen Food Business Group
To Acquire Fortenova’s Frozen Food Business Group Investor Presentation | March 29, 2021
Slide 2: Disclaimer
Disclaimer This Presentation has been prepared and issued by Nomad Foods Limited (the “Company”). This Presentation has been provided solely for information and background. The information in this Presentation is provided as at the date of the Presentation (unless stated otherwise). This Presentatio
Slide 3: Acquisition Reinforces Nomad's European Frozen Food Leadership
Acquisition Reinforces Nomad’s European Frozen Food Leadership Acquisition • Nomad Foods to acquire Fortenova’s Frozen Food Business Group (FFBG), owner of the iconic Ledo and Frikom brands Overview • Purchase price of ~€615 million implies a multiple of <10x 2021E Adjusted EBITDA including anticipa
Slide 4: FFBG has Iconic Frozen Food Brands with #1 Share in Attractive European Markets
FFBG has Iconic Frozen Food Brands with #1 Share in Attractive European Markets New to Nomad Foods BUSINESS OVERVIEW REVENUE MIX • Unparalleled frozen food market leadership in several European markets new to Nomad 13% Others • Ledo is the #1 frozen food brand in Croatia and Bosnia & 16% 40% 50% 50%
Slide 5: FFBG has a Leading and Broad Frozen Food Portfolio
FFBG has a Leading and Broad Frozen Food Portfolio Ice Cream Frozen Savory 5
Slide 6: Expanding into Eight New European Markets
Expanding into Eight New European Markets Hungary Slovenia Croatia Bosnia & Serbia Herzegovina Existing Markets Kosovo Montenegro North Macedonia #1 € 279mn € 53 mn 32 mn € 1.3bn 3,000 MARKET SHARE 2021E 2021E CONSUMERS MARKET SIZE, EMPLOYEES Croatia | Serbia REVENUE ADJUSTED EBITDA RETAIL SALES VAL
Slide 7: A Combined Portfolio with Broad Pan-European and Frozen Category Reach
A Combined Portfolio with Broad Pan-European and Frozen Category Reach Combined Revenue by Country Combined Revenue by Category Switzerland 2% 26% UK Fish 40% Spain 3% Austria 4% Norway 4% 15% Italy Sweden 6% Fruits & Vegetables 25% Other Frozen 30% France 7% 14% Germany FFBG 9% Ice Cream 5% Revenue
Slide 8: Anticipate Approximately €15 million of Annualized Run-Rate Synergies by 2024
Anticipate Approximately €15 million of Annualized Run-Rate Synergies by 2024 Frozen Food Business Group Frozen Central European Ice Cream & Branded & Eastern Scale Category Expertise European Expertise Platform Expense Unique and Cash Route-to-Market Management 8
Slide 9: Financial Summary
Financial Summary Deal • Purchase price of approximately €615 million Highlights • Valuation multiple <10x 2021 Adjusted EBITDA including anticipated run-rate synergies • 2021E combined annualized Adjusted EPS above $2.001 Attractive • Plans to grow organic revenue at a MSD% rate and exceed 20% Adju
Slide 10: Transaction Meets Disciplined M&A Criteria
Transaction Meets Disciplined M&A Criteria New Categories, Reasonable Cash Flow Countries Valuations Generative and Channels Leading Strong Strategic A Clear Path to Top Market Share and Financial and Bottom Line Rational Growth 10
Slide 11: Complementing Organic Growth with Strategic Frozen Acquisitions
Complementing Organic Growth with Strategic Frozen Acquisitions 2015 2018 2018 2020 2021 acquisition for acquisition for acquisition for acquisition for acquisition for approximately approximately approximately approximately approximately €700 million €225 million €240 million €110 million €615 mill
Slide 12: Nomad Foods is Delivering Sustained Financial Performance
Nomad Foods is Delivering Sustained Financial Performance Revenues Adjusted EPS ~$3.5B1 >$2.001 USD USD 2016 2017 2018 2019 2020 2021 2021 2016 2017 2018 2019 2020 2021 2021 Guidance Combined Guidance Combined annualized annualized 1 2021 combined annualized Revenue and Adjusted EPS converted to US
Slide 13: A Highly Strategic and Financially Impactful Acquisition
A Highly Strategic and Financially Impactful Acquisition Expansion into new and attractive European markets with market leading brands Ledo and Frikom Entry into ice cream provides a new and exciting product adjacency to core savory portfolio Expected to be HSD% accretive to Adjusted EPS in Year 1 2
Slide 14: Questions?
Questions?