Thai buyer CP Foods has sights on Birds Eye
Monday 14 May 2012
Captain Birdseye could be about to embark on his longest voyage. The fish finger maker, part of food group Iglo, is in the sights of a Thai conglomerate that wants to buy the business and export its wares to Eastern Europe and Asia.
CP Foods, Thailand's top food producer, is one of a handful of bidders for Iglo, which has been put up for sale with a £2.5 billion price tag by its private-equity owner Permira.
If CP wins the auction ahead of several private-equity buyers, Birds Eye would become the latest British food brand to fall to a foreign owner. Most recently, cereal maker Weetabix was acquired by Bright Food of China.
Iglo has performed well since it was bought out from grocery giant Unilever in 2006. Under boss Martin Glenn, the food ranges have been refreshed and a greater emphasis put on convenience. Last year it sold 31,400 tonnes of frozen peas in Britain and made a profit of £267m.
Glenn hopes to find a wealthy backer who can help finance more consolidation in the frozen sector after he acquired Findus in Italy.
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