PE firms circle Birds Eye Iglo
A number of private equity houses have submitted first-round offers for Permira-backed Birds Eye Iglo, according to reports.
The sale is expected to value the firm at around €3bn. Blackstone and Bain Capital are reported to be among the bidders.
In 2006, Permira acquired frozen foods firm Birds Eye Iglo for €1.7bn from parent company Unilever. Permira won the firm at auction, beating rival bids from CapVest and JP Morgan Partners.
In 2010, Birds Eye Iglo acquired European competitor Findus Italy from Unilever for €805m. Permira and Birds Eye injected around €300m of equity through the Permira Europe III vehicle and the company's existing balance sheet.
The company produces frozen goods including fish fingers and frozen peas and reported sales of more than €1.1bn for 2011. Bidders are believed to be looking into global acquisitions to create a more international firm.
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