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Frozen Foods International News
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| Permira-Birds Eye Buys Italian Frozen Food Unit |
Unilever, the world's second-biggest consumer goods maker, has
agreed to sell its Italian frozen foods unit to a group led by
Birds Eye Iglo for 805 million euros ($1.04 billion) as it
focuses on building international brands.
Birds Eye Iglo, which is owned by private-equity firm Permira
Advisers LLP, has a "significant stake" in the buyer of Findus,
Unilever said. Permira arranged about 500 million euros of
leveraged loans to fund the acquisition, according to two people
familiar with the deal.
"The proceeds are a little bit better than anticipated," said
Gerard Rijk, an analyst at ING in Amsterdam, adding that he had
expected a deal of 490 million euros to 630 million euros. "This
is a divestment of a low-growth area, so the company is
continuing on its strategy and is executing quite well."
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| 19-Jul-10 |
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