Private equity firm Permira is considering the sale of its Birds Eye Iglo European branded frozen food business after receiving a number of approaches. Permira is reported to have appointed Credit Suisse to manage a sales process.
Birds Eye Iglo produces fish, vegetables, poultry and ready meals, including a number of iconic products such as fish fingers, schlemmer filets and sofficini. The Group operates under three brands: Birds Eye (UK and Ireland), iglo (Germany, Austria, Belgium, the Netherlands and other countries) and Findus (Italy).
Birds Eye Iglo was acquired by a company backed by the Permira funds from Unilever in November 2006. In October 2010, the Findus Italy business was also acquired from Unilever. The Permira funds were early to identify Birds Eye Iglo as an attractive opportunity to transform a declining unit of a conglomerate to buildEurope’s largest frozen food platform with reinvigorated and sustainable top-line growth. Since acquisition, Birds Eye Iglo has delivered robust earnings growth through, for example, a strengthened management team and new product development to drive top-line growth.