Nomad Foods, the largest frozen foods manufacturer in the UK, has agreed a €225m deal to acquire the Goodfella’s Pizza business from Green Isle Foods, the Irish frozen foods company that is owned by Boparan Holdings.

Boparan is the holding company of UK billionaire Ranjit Singh, best known for the 2 Sisters Food Group.

The Goodfella’s Pizza business includes the well-known Goodfella’s brand but also the San Macro pizza brand. Goodfella’s is the leading brand in the frozen pizza category in Ireland, accounting for over two-thirds of the market.

In the UK market, Goodfella’s is the number two brand with a 30% market share. The business operates from manufacturing sites in Longford and Kildare.

According to Nomad Foods, which has sales of €2bn and owns existing frozen food brands such as Birds Eye and Findus, the acquisition of the Goodfella’s business will add €150m in revenues and €22m to €25m in annual earnings (EBIDTA).

Nomad said it will fund the deal through cash reserves and it expects the acquisition to be completed by the end of the first quarter of 2018.