Welcome to FIS   Sponsored By
Subscribe to FIS | Register with FIS | Advertise with FIS | Newsletter | About FIS | Contact us
   


Birds Eye Iglo is the new owner of Unilever's Findus Italian frozen foods operation. (Photo: Unilever/ FIS)

Unilever finds buyer for Italian frozen foods business

Click on the flag for more information about Italy ITALY
Wednesday, July 21, 2010, 01:40 (GMT + 9)

Unilever plans to sell its Findus Italian frozen foods operation for EUR 805 million to Birds Eye Iglo in a continued effort to build on international brands.

In 2006, Findus Italy was the only part of the European frozen food operations Unilever retained when selling Birds Eye and Iglo to private equity firm Permira for EUR 1.73 billion. Findus Italy had revenue of EUR 462 million in 2009.

Birds Eye Iglo has a “significant stake” in the buyer of Findus Italy, according to Unilever, the second-biggest consumer goods maker in the world.

Included in the new deal are leading brands 4 Salti in Padella, Sofficini, Capitan Findus and That's Amore, as well as a dedicated factory in Cisterna, Italy.

"Findus is the lynchpin of an attractive and profitable frozen foods business and I am confident that it will prosper under the dedicated resource and focused management that the new owners will bring,” stated Unilever Italy chairman James Hill. "With this deal Unilever is now in a stronger position to focus on its core categories outside frozen foods and to achieve long-term growth in the Italian market."

Permira used around EUR 500 million worth of leveraged loans to fund the acquisition, two people familiar with the deal said, Bloomberg reports.

“The proceeds are a little bit better than anticipated,” said Gerard Rijk, an analyst at ING in Amsterdam.

He said he had anticipated a deal of EUR 490 million to EUR 630 million.

“This is a divestment of a low-growth area, so the company is continuing on its strategy and is executing quite well,” Rijk added.

Per the deal, some 650 factory and head office employees will transfer to Birds Eye. The agreement is subject to European Union (EU) anti-trust regulatory approval.

Unilever is at this time “in a stronger position to focus on its core categories outside frozen foods and to achieve long-term growth in the Italian market,” said James Hill, chairman of the London- and Rotterdam-based company’s Italian unit.

The company first announced it wanted to sell Findus Italy back in April, when it hired Goldman Sachs Group Inc to sell the business.

Birds Eye Iglo beat out some heavy competition to land the deal with Findus Group, which is owned by private equity firm Lion Capital.

Unilever's Italian ice cream business -- including the Viennetta, Solero and Cornetto brands -- is not involved in the deal.

Related articles:

- Food groups, private equity go after seafood company
-
Unilever seeks buyer for Italian subsidiary

By Natalia Real
[email protected]
www.fis.com


 Print


Click to know how to advertise in FIS
MORE NEWS
Peru
Oct 30, 23:00 (GMT + 9):
Landing of fishery resources grew 81.4% in September
Germany
Oct 30, 19:00 (GMT + 9):
BAADER and Skaginn 3X Join Forces
South Korea
Oct 30, 19:00 (GMT + 9):
N. Korea blames Seoul’s ‘improper control’ for death of fisheries official
United States
Oct 30, 12:00 (GMT + 9):
Statistics │ Import │ Frozen octopus │ 2019/20
European Union
Oct 30, 12:00 (GMT + 9):
Statistics │Import │ Frozen octopus: Morocco, Mauritania, Senegal, Mexico, Vietnam │ 2020
European Union
Oct 30, 12:00 (GMT + 9):
Statistics │ Export to USA and others │Frozen octopus │2020
Ghana
Oct 30, 11:40 (GMT + 9):
Ghanaian workers report alleged abuses on Chinese-owned fishing vessels
Argentina
Oct 30, 08:00 (GMT + 9):
Science to take care of fishing resources: the Illex argentinus squid
United States
Oct 30, 08:00 (GMT + 9):
SeaAhead and New England Aquarium Announce The BlueSwell Incubator’s First Cohort of Selected Startups
Canada
Oct 30, 05:00 (GMT + 9):
CAT to Open Aqua FeedTech Center in 2021, Championing Innovation in Aqua Feed
Peru
Oct 30, 02:20 (GMT + 9):
Other Media | EuropaAzul: Peru and Mexico confirm a recovery in local markets after the pandemic
Worldwide
Oct 30, 02:10 (GMT + 9):
Other Media | aqua.cl: Alpescas issues declaration by Chinese fishing fleet
Norway
Oct 30, 02:00 (GMT + 9):
Other Media | SalmonBusiness: Egg-shaped closed farming concept takes a major step towards realization
United States
Oct 30, 00:50 (GMT + 9):
Other Media | SeafoodSource: Phillips begins aggressive retail push with host of new products
Norway
Oct 30, 00:40 (GMT + 9):
Other Media | fishfarmingexpert: Salmon number cruncher Kontali bought out



Lenguaje
FEATURED EVENTS
  
TOP STORIES
The course of pelagic fishing week 43
Norway This autumn's best NVG herring week and less mackerel from the North Sea Mackerel: We received significantly smaller quantities of mackerel than in the previous three weeks. A total of 23,100 to...
Tuna exports to Italy soar in September
Viet Nam NDO/VNA – Vietnam’s tuna exports to Italy soared by 8,599% last month over the same period last year. This staggering increase transformed Italy into Vietnam's largest tuna market in the EU in ...
The fisheries Brexit negotiation must exclude the privileges that the Common Fisheries Policy has granted to the UK since its inception
European Union The additional fishing quotas that the EU has historically allocated to the British have amounted to more than € 100 million annually in the last 10 years for Great Britain. ...
Statistics │ Import by origin │Crab │ September 2020
South Korea Source: FIS.com | Click to enlarge it [email protected] www.fis.com...
 
Maruha Nichiro Corporation
Nichirei Corporation - Headquarters
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation - Wartsila Group Headquarters
ITOCHU Corporation - Headquarters
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd. - Group Headquarters
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
AquaChile S.A. - Group Headquarters
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods, Inc
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO - Food and Agriculture Organization - Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Brim ehf (formerly HB Grandi Ltd) - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Group Headquarters
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Mowi ASA (formerly Marine Harvest ASA) - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands | Headquarters
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation - Headquarters
Cooke Inc. - Group Headquarters
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart | Wal-Mart Stores, Inc. (Supermarket) - Headquarters
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2020 Fish Info & Services Co.Ltd| All Rights Reserved.   DISCLAIMER