Unilever Sells Findus Italy to Birds Eye Iglo for €805m
Unilever is selling its Italian frozen food business, Findus Italy, to Birds Eye Iglo, which is owned by private equity group Permira, for Eur805m. The deal includes four brands – Salti in Padella, Sofficini, Capitan Findus and That’s Amore – along with a factory in Cisterna, Italy. Findus Italy employs 650 people and had annual sales of Eur462m in 2009. The purchase price is between nine and 10 times Findus Italy’s EBITDA. The transaction is subject to approval by the EU competition authorities.
Permira acquired Bird Eye Igloo, Unilever’s frozen food business with the exception of Findus Italy, for Eur1.7b in 2006. Birds Eye Igloo beat rival the Findus Group, which includes the Young’s frozen seafood business in the UK and is owned by private equity firm Lion Capital, to secure the acquisition of Findus Italy.
