Fortenova Group said on Monday that after completing due diligence for the sale of the companies Ledo plus, Ledo Citluk and Frikom, it decided to enter into exclusive negotiations with Nomad Foods and that it expected the transaction could be concluded by summer.

“Nomad Foods is a company with outstanding investment and operational track record that has a clear focus on frozen foods segment in Europe. There is of course still a lot of work to do and a number of conditions that need to be fulfilled before coming to a final agreement, but we fully expect to be able to do this,” said James Pearson, Fortenova’s Chief Financial Officer.

Fabris Peruško, the group’s Chief Executive Officer and member of the Board of Directors, said the multi-party due diligence process for the Frozen Food Business Group has been brought to a “successful completion by our acceptance to continue negotiations exclusively with Nomad Foods, who have so far proved to be an extremely strong potential partner for our Frozen Food Business Group.”

“Fortenova Group’s ultimate goal, over and above maximizing value, remains to be the conclusion of a transaction with a strategic partner who will make the maximum contribution to the further development of the Frozen Food Business Group and recognize the full value and potential of this business and its people,” Preuško said.

“This transaction is part of the process of the capital structure optimization that will enable the further development of the Fortenova Group. I expect the next phase of the Frozen Food Business Group sale process to be completed by the end of Q1 this year through the signing of a Sale and Purchase Agreement. If so, the transaction could be completed post receipt of regulatory approvals, as early as Summer 2021. We will continue to keep our people and the market informed of further developments in a timely manner,” he concluded.