The ownership of Findus has been transferred into Norwegian hands as the private equity holder of Findus AB has reached a deal with a former senior manager.
Last month, The Grocer revealed that EQT was in the process of selling parts of the European business (March 5, p5) and now the transfer deal has been completed to give Geir Frantzen sole ownership of the Newcastle-based business.
Findus, which was the UK arm of Findus AB, said that its 420 staff would be unaffected and that it would continue to sell Findus and Frionor-branded products under licence in the UK market. Frantzen was previously MD of Frionor, the Findus AB-owned frozen fish wholesaler, and senior vice-president of Norway Seafoods Asa, a seafood processor, so it is likely Findus’s seafood business will feature strongly in his business recovery plans.
Nigel Wright Consultancy has been working with Findus for 18 months to build its senior commercial team. Consultant Rob Seery said that Findus had been going through a difficult period, but the new ownership could be an opportunity to turn fortunes around.