Birds Eye Iglo Group Acquires Findus Italy

Unilever has signed an agreement to sell its Italian frozen foods business, Findus Italy, to a company in which Birds Eye Iglo Group has a major stake for €805m ($1.04bn).

The transaction includes the brands 4 Salti in Padella, Sofficini, Capitan Findus and That’s Amore, as well as a factory in Cisterna, Italy.

Birds Eye Iglo, which is owned by private-equity firm Permira, has a significant stake in the buyer of Findus, Unilever said.

Permira arranged about €500m ($648m) of leveraged loans to fund the acquisition, according to Bloomberg.

Unilever sold most of its European frozen foods unit, which included the Iglo and Birds Eye brands, to Permira Funds for €1.73bn ($2.2bn) in 2006.