Permira is planning a €500m refinancing of Birds Eye Iglo, the frozen foods business, which will see the bulk of the proceeds returned to investors, according to the Financial Times.
According to reports, the business, which includes Birds Eye fish fingers and frozen peas, generated sales in excess of €1.1bn last year and has been under the ownership of Permira for six years.
Permira has paid down much of Iglo’s debt, leaving it with net debt of €1.4bn, or about four times last year’s earnings before interest, tax, depreciation and amortisation. Permira bought Iglo group in 2006 for €1.7bn from Unilever.
Source: Financial Times