Thailand’s CPF prepares bid for Permira-backed Birds Eye

Blackstone, Bain Capital, BC Partners and PAI Partners were reported to have made first-round offers for the UK-based frozen food firm last Friday. The sale is expected to value the company at around EUR3 billion ($4 billion), with CPF likely to offer approximately this amount.

CPF, which is Thailand's biggest food producer, is thought to be eager to roll out Birds Eye into markets beyond central Europe where there is ample growth potential, such as Asia and Eastern Europe. The PE bidders are also believed to be looking into making acquisitions globally to create a more international firm, and CPF could team up with one of them to make a takeover bid for the entire company.

In 2006, Permira acquired Birds Eye Iglo for EUR1.7 billion from parent company Unilever. Permira won the firm through an auction process, beating rivals CapVest and JP Morgan Partners to secure the deal.

In 2010, Birds Eye Iglo acquired European competitor Findus Italy from Unilever for EUR805 million. To fund the transaction, Permira and Birds Eye injected around EUR300 million of equity through the Permira Europe III vehicle and the company's balance sheet.

Birds Eye Iglo produces frozen goods including fish fingers and frozen peas and reported sales of more than EUR1.1 billion for 2011.

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• Topics
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