The owner of Birds Eye has cooked up a €225m deal to buy frozen food brand Goodfella's Pizza from the parent company behind Fox's Biscuits and Bernard Matthews.
Nomad Foods has snapped up Goodfella's from Green Isle Foods, Ireland's largest frozen food producer which is headquartered in Naas in Co Kildare.
The move will see the group take charge of pizza brands Goodfella's and San Marco, and two frozen pizza manufacturing facilities, as it eyes market expansion.
Goodfella's is the market leader in Ireland and holds the second biggest market share in the UK.
The business employs about 430 people located in two manufacturing sites in Kildare and Longford, a logistics team based in Naas and a commercial team in the UK.
All of these staff will join Nomad Foods on completion of the deal.
The deal is expected to bolster Nomad's revenues by €150m and earnings by between €22-25m two years after the takeover closes.
It is expected to be sealed by the first quarter of 2018.
"The acquisition of Goodfella's Pizza comes at an exciting time for our company," commented Nomad Foods chief executive Stefan Descheemaeker.
"2017 was a banner year as investments in our core portfolio translated into strong organic revenue growth. We exited the year on a high note, with our updated guidance reflecting better-than-expected top and bottom-line performance during the fourth quarter," he added.
"Goodfella's Pizza creates a new and exciting growth avenue into frozen pizza, a strategic category that is both sizeable and complementary.
Green Isle Foods is a subsidiary of Boparan Holdings, which is spearheaded by the food mogul Ranjit Boparan.
Mr Boparan, know as the so-called "chicken king" for his hefty involvement in the poultry trade through his ownership of the 2 Sisters' Food Group, has struck a string of deals over the past two years.
In 2016, he snapped up turkey meat producer Bernard Matthews from private equity group Rutland Partners in a pre-pack administration.
In a similar vein his restaurant arm, which houses Harry Ramsden's fish and chip shop, bought Ed's Easy Diner and Giraffe.