Lion Capital's Findus buys La Cocinera from Nestlé

The deal is intended to expand Findus Spain's share of the local frozen food market, where it currently focuses on frozen vegetables.

Following completion of the transaction, La Cocinera will operate under the Buitoni brand.

Findus's owners courted controversy last year by issuing a junk-rated PIK note to fund a €200m dividend payout, despite the company having undertaken multiple debt restructurings over the previous five years. Findus issued the note just two years after Lion's controlling stake was reduced by two thirds, in a debt restructuring deal that saw mezzanine holder JP Morgan and Highbridge inject £150m for a 50% stake in the company.

Company
Headquartered in Valladolid, La Cocinera is a producer of frozen ready meals. The business has a headcount of 200.

People
Javier Ferran is a partner at Lion.

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