Captain Birds Eye heads for America
Published 21/04/2015 | 02:30
Birds Eye, the frozen food manufacturer, has been sold in a €2.6bn deal by private equity owner Permira to Nomad Foods.
The takeover of Birds Eye's parent Iglo is the first deal by Nomad, which was listed on the London Stock Exchange last year by food tycoons Martin Franklin and Noam Gottesman.
The all-cash deal values Europe's largest frozen food business at around eight times its earnings. Birds Eye recently reported €1.5bn of revenues and earnings of €306m for 2014.
Permira, which bought the company from Unilever for €1.76bn eight years ago, will keep a 9pc stake in Nomad Foods. Birds Eye was founded by American explorer Clarence Birdseye who discovered the preservative effects of quick freezing on a hunting trip 100 years ago.