Europe-based private equity firm Permira has agreed to acquire Iglo Birds Eye Frozen Foods from Unilever for €1.73bn.
Iglo Birds Eye Frozen Foods operates mainly in the UK, under the Birds Eye brand, and in Germany and Austria, under the Iglo brand. The company’s main products include fish, vegetables and ready meals, in addition to their famous fish fingers and Schlemmer Filets. Iglo Birds Eye Frozen Foods also has operations in France, Portugal, Ireland, the Netherlands and Belgium.
Cheryl Potter, partner at Permira, said, ‘The market sees few food deals of this size and very rarely involving brands of this stature.’
Permira advises the Permira Funds with a total committed capital of approximately €20bn. The firm recently sold UK budget hotel chain Travelodge to Dubai-based investment company Dubai International Capital for a consideration of £675m.
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