Buyout Funds Submit Offers For Food Group Iglo Thursday - Sources
May 10 2012 - 10:31AM
Dow Jones News
A handful of private-equity firms will submit first-round bids
for frozen-food company Iglo Group by Thursday's deadline, people
familiar with the situation told Dow Jones Newswires.
Bain Capital, Clayton Dubilier & Rice, PAI Partners,
Blackstone Group LP (BX) and BC Partners are expected to put in
bids, the people added.
Permira, the private-equity owner of Iglo, has hired Credit
Suisse Group AG (CS) to run the auction for the business, which has
been valued between EUR2.5 billion and EUR2.6 billion, or between
eight and nine times earnings before interest, taxes, depreciation
and amortization.
Iglo is Europe's largest frozen-food company by sales and makes
products under the Captain Birds Eye and Findus brands in Italy. It
posted Ebitda of EUR325.8 million on revenue of EUR1.6 billion for
2011.
Permira bought Iglo from Unilever PLC (UL) for EUR1.7 billion in
2006, and in July 2010 recombined Birds Eye with Unilever's other
frozen-food business, Findus Italy, in a GBP675 million deal.
-By Marietta Cauchi and Jessica Hodgson, Dow Jones Newswires;
+44 207 842 9241; marietta.cauchi@dowjones.com
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