Nomad Holdings Limited Completes Acquisition of Iglo Foods Holdings Limited

Stéfan Descheemaeker joins Nomad as Chief Executive Officer

Entity renamed Nomad Foods Limited, Establishes Strong Foothold in Frozen Foods Space

Nomad Holdings Limited (LSE: NHL) announced today that it has completed its acquisition of Iglo Foods Holdings Limited ("Iglo Group"), Europe's leading frozen food company, for approximately €2.6 billion. With the closing of this transaction, Nomad has been renamed Nomad Foods Limited ("Nomad" or "the Company").

The transaction was funded through a combination of Nomad's cash on hand, equity and proceeds from a private placement of approximately $795 million at US$10.50 per ordinary share to a limited group of institutional investors, assumption of Iglo Group's existing indebtedness and the early exercise of most of Nomad's outstanding warrants. In addition, the Permira funds and senior management re-invested €133.5 million of their proceeds into Nomad and now own approximately 9% of Nomad Foods Limited.

In connection with the close of the acquisition and as previously announced, Stéfan Descheemaeker has been appointed as Chief Executive Officer of Nomad and Iglo Group, effective immediately. Mr. Descheemaeker brings a strong background in food retailing, consumer goods, and corporate strategy to the position. He has also been appointed to the Company's Board of Directors.  In addition, Paul Kenyon, Iglo Group's Chief Financial Officer, has been appointed Chief Financial Officer of Nomad and appointed to the Company's Board of Directors.

Noam Gottesman, Nomad's co-founder and co-chairman, commented, "The completion of this acquisition marks the start of Nomad's growth story. Through Iglo Group, Nomad has gained an established presence in Europe's fragmented frozen foods space. Martin (Franklin) and I look forward to building on Iglo Group's market-leading position and to expanding into new and adjacent categories through disciplined M&A activity. Our talented team led by Stéfan, strong financial footing, and supportive shareholder base provide us with the resources necessary to pursue growth opportunities that will pave the way for long-term value creation."

Stéfan Descheemaeker, Nomad's newly-appointed Chief Executive Officer, said "I am excited to embark on this journey. There are abundant organic and acquisitive growth opportunities available within the consumer foods space and I look forward to working with both the Nomad and Iglo Group teams in order to realize new levels of success."

The sale of Iglo Group to Nomad has enabled Iglo Group to substantially improve its debt profile through the repayment of €490 million in existing term loans resulting in a net debt to EBITDA ratio of less than 3.8X. Additionally, Iglo Group has repriced its term loans and reduced overall interest rates through an amendment to its Senior Facility Agreement. These actions have contributed to a recent ratings upgrade by Moody's to "B1" from "B2". In addition, Standard & Poor's has revised its outlook from "stable" to "positive" while reaffirming its "B+" rating.

With the closing of this transaction, Nomad has changed the composition of its Board of Directors. Noam Gottesman and Martin E. Franklin, Nomad's co-founders, will serve as non-executive chairmen. Lord Myners of Truro CBE and Alun Cathcart will continue to serve as non-executive directors. Additionally, Stéfan Descheemaeker, Nomad's new CEO, and Paul Kenyon, CFO of Iglo Group, Elio Leoni Sceti, Iglo Group's outgoing CEO, John Coyle, partner at Permira Advisers LLC, Brian Welch, partner at Pershing Square Capital Management, and James E. Lillie, CEO of Jarden Corporation, have been appointed to the Board as non-executive directors. Non-founder director Guy Yamen has resigned his position from the Board.

Trading of Nomad's ordinary shares and warrants remain suspended on the London Stock Exchange following the announcement of the transaction in April. The Company is currently seeking re-admission of its ordinary shares to a standard listing on the Official List and trading on the London Stock Exchange. Nomad will also look to complete a primary listing of its ordinary shares on the New York Stock Exchange.