Permira considers €500m Iglo refinancing
Permira is believed to be considering a €500m refinancing for portfolio company Iglo Birds Eye Frozen Foods, following the cancellation of its sale.
The recapitalisation, which would reportedly increase Iglo's debt to 5.5x EBITDA, is seen as a means for the GP to crystalise some of the company's value and pay out dividends to investors, according to a source close to the situation.
The planned sale of the company is understood to have fallen through as offers fell short of the expected €2.5bn. Iglo generated a turnover of more than €1.1bn last year, selling products including fish fingers and frozen peas.
Permira bought Iglo from Unilever in 2006 in a deal worth €1.7bn. The GP then partly financed the company's €805m acquisition of Findus Italy from Unilever in 2010.
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