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Follow on Google News | JSM Financial: Unilever to sell off its Italian frozen foods unit.Consumer goods giant will be looking for bids over $839 million from the auction.
By: JSM Financial A source close to the matter was recently quoted as saying, "We expect the information memorandum to go out next week and kick-off the auction process." Among the leading interests in the sale are, as mentioned, Permira who already own Birds Eye Igloo, Lion Capital which runs Findus Group as well as BC Partners, owners of the French frozen foods firm Picard and French private equity company PAI Partners. JSM Financial has been informed that the European frozen foods sector has been struggling to achieve sales growth as consumers rather select fresh and chilled products forcing the industry to consolidate to cut cost and seek new products to boost growth. In 2006, Unilever sold Birds Eye Igloo to Permira for a healthy $2.3 billion after Permira beat off bids from private equity firm CapVest which already owned Findus Group. CapVest later went on to sell Findus Group to Lion Capital in 2008 for $1.77 million. Findus Group is not related to the Findus Italy, to be sold by Unilever. JSM Financial believes that analysts estimate that Findus Italy has annual earnings before interest, tax, depreciation and amortization of between $87 million and $102 million and is expected to reach a price in the $810 million to $945 million bracket. # # # JSM Financial is an independent broker focused on the realization of superior returns from seed stage and early-stage equity investment and active partnerships with exceptional entrepreneurs building market-leading technology companies. End
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