Birds Eye and Findus in battle for Unilever arm
FISH finger maker Birds Eye Iglo is set to go head to head with crispy pancake makers Findus Group in the final round of bidding for Unilever’s Italian frozen food arm.
The Italian division was put on sale earlier this year, and final bids are due tomorrow.
The final competition is thought to be between the two firms, owned respectively by Permira and Lion Capital, but bids are also expected from BC Partners, Charterhouse Capital Partners and PAI Partners.
Findus Italy is the last of Unilever’s frozen food assets as it sold its Birds Eye and Iglo divisions to Permira for £1.5bn in 2006.
At the time, former chief executive Patrick Cescau held back from shedding the Italian business because he wanted to integrate it into Unilever’s Italian ice cream business, which includes Cornetto, Viennetta and Solero.
But since taking the helm in 2008, current chief Paul Polman has moved to sell off the business. He has been keen to build Unilever’s portfolio and focus on driving volume growth rather than cost-cutting.
Goldman Sachs is conducting the sales process.