Nomad Foods has finalised an agreement to acquire Findus Switzerland from Froneri International and certain intellectual property from a Nestlé affiliate for an aggregate consideration of nearly €110m ($130m).

Swiss frozen food brand Findus has a portfolio of value-added products across categories, including fish, vegetables and ready meals.

Nomad Foods CEO Stéfan Descheemaeker said: “We are thrilled to announce the acquisition of Findus Switzerland, a brand and market, which closely complement our existing portfolio.

“By unifying the Findus brand under Nomad Foods’ ownership and extending our geographic reach into Switzerland, we believe we have multiple levers for long-term value creation.

“We look forward to welcoming the Findus Switzerland team into our organization.”

Nomad Foods currently offers Findus food brand across various European markets such as Italy, France, Spain, Sweden, Norway, Finland and Denmark.

Nomad Foods intends to fund the acquisition with the available cash on hand.

Nomad Foods founder and co-chairman Noam Gottesman said: “The acquisition of Findus Switzerland reinforces our strategy of growing through a combination of organic growth and complementary, accretive M&A.

“We have long admired this business, and we are excited to build on its success by leveraging the resources, capabilities and scale of our organisation.”

In its press statement, Nomad Foods said that the deal would give the company access to the frozen food market.

It will offer an extension for the company’s Findus product offering and brand family with an ‘attractive entry point’ for the Green Cuisine range of plant-based meat alternatives, the statement added.

Completion of the deal is expected to take place at the beginning of next year.

For this deal, Goldman Sachs International is serving as the financial adviser to Nomad Foods while Norton Rose Fulbright and Lenz & Staehelin are acting as legal advisers.

In July 2018, Nomad Foods completed the acquisition of UK-based frozen food company Aunt Bessie’s from William Jackson & Son for €240m.