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Permira’s Iglo payout back on the table following bank interest

15 Oct 2012

European buyout house Permira has revived plans to pay itself a $500m dividend by refinancing frozen food producer Birds Eye Iglo, it is understood.

The private equity firm scrapped a previous dividend scheme in July after failing to get the payout it wanted, but is interested again after being approached by banks keen on advising on a deal, according to Reuters.

Permira’s decision to halt the previous process with Credit Suisse and Deutsche Bank came just weeks after it knocked back a bid for the business from Blackstone and BC Partners, who refused to pay the €2.8bn asking price.

The €1.9bn recapitalisation Permira was previously seeking would have enabled the firm to refinance Iglo’s €1.4bn debt pile and take a dividend of between €500m and €600m.

But it is now aiming to pay itself closer to €300m through a deal run by Credit Suisse, HSBC, Nomura and UBS.

Permira picked up Iglo for €1.89bn in 2006, and added the remainder of Unilever’s European frozen food operations by acquiring Findus Italy four years later.

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