Boparan Holdings, the parent company for 2 Sisters Food Group, has agreed to sell the Frozen Pizza businesses within Green Isle Foods Ltd to Nomad Foods for £200m.
Green Isle Foods is Ireland's largest frozen food producer and is headquartered in Naas, Co. Kildare. Nomad Foods is Europe's largest frozen food producer and is headquartered in the UK.
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 & Irish retailers.
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 will remain part of 2 Sisters Food Group.
The finalisation of the transaction is subject to customary closing conditions, which are expected to be completed in early 2018.
Ranjit Singh, Chief Executive of 2 Sisters Food Group, said, 'We are pleased to announce this transaction of our Frozen Pizza businesses. This deal represents our first major step to transform 2 Sisters and build a better business.
'We have had approaches over the past couple of years for these businesses, and we have been talking to several interested parties during this period. But a sale had to be at the right time, with the right buyer, and it had to be a deal that fitted with our long-term strategy.
'Nomad Foods is a fabulous new home and this deal will enable the business to continue to flourish with a new owner who are experts in the Frozen category. The net proceeds from the sale are intended to be used to repay debt and to invest in the Group's core businesses. The Green Isle and Donegal Catch brands, and our frozen pastry business remain within our business.'