Private-equity firm Permira is reportedly preparing to auction off Iglo Group, Europe's largest frozen food business.

According to a report in the Financial Times, Permira has appointed Credit Suisse to look into a sale after it was approached by "interested parties". 

The company has been linked to various buy-out firms, including Blackstone, BC Partners and Cinven. Other possibilities touted for the business include a potential IPO. 

Iglo, which manufactures the Birds Eye brand, was formed when Permira purchased Iglo for EUR1.7bn (US$2.25bn) from Unilever in 2006 and then combined it with Findus Italy, which it bought for EUR800m, in 2010. 

The business generated sales in excess of EUR1.1bn last year and is expected to raise almost EUR3bn.