UK frozen food company Iglo receives tentative bids

Private equity firm Permira has received tentative bids for its frozen food company Iglo, which it expects to fetch upto €3 billion ($3.89 billion), Reuters yesterday reported, citing banking sources.

In March, Permira had appointed Credit Suisse to start an auction process, and Bain Capital, BC Partners, Blackstone and PAI Partners have submitted offers for the first round of bidding, the report said.

Clayton Dubilier & Rice is also said to have submitted its bid and Iglo has attracted interest from trade buyers, bankers told the news agency.

Permira had acquired Iglo, the maker of Birds Eye fish fingers, in 2006 from Unilever for £1.4 billion, and expanded the company in 2010 by buying Findus Italy for £669 million as well as launching new products in several countries.

Feltham, UK-based Iglo is the frozen foods market leader in Europe both in terms of sales and brand recognition. It produces branded frozen food products in 11 countries and has currently entered central and Eastern Europe including Russia and Turkey.

Its core brands are Birds Eye, Findus and Iglo frozen foods, which are the top 5 market leading positions in nine countries.