September 30 (SeeNews) - Croatia's Fortenova Group said on Thursday it has successfully completed the sale of its frozen food business to UK-headquartered Nomad Foods for 615 million euro ($712 million).
“This major transaction has been closed one year after the frozen food business group divestment process was initiated in Fortenova Group, despite the project having been carried out under very challenging circumstances of the pandemic,” Fabris Perusko, CEO and member of the board of directors at Fortenova, said in a statement.
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The frozen food business comprises Croatian company Ledo plus d.o.o., Bosnian Ledo Citluk and Serbian Frikom d.o.o., as well as several related companies in other markets of Southeast Europe. The achieved price has acknowledged the value of the business and Fortenova has introduced a strategic partner to the region who will continue to develop the business and be focused on developing Ledo’s and Frikom’s iconic brands, Perusko noted in the statement.
Fortenova is the successor to the collapsed Croatian food-to-retail concern Agrokor.
The group offered its frozen food business for sale in order to reduce debt and invest in its remaining business areas.
($=0.863 euro)