Private-equity firms Blackstone Group and BC Partners have declined to comment on reports they have joined forces to submit a bid for frozen food company Iglo Group.
The two private-equity groups, which were both said to be rivals to buy the Birds Eye owner, are understood to have decided to team up on a bid, The Wall Street Journal reported today (21 June).
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Blackstone and BC Partners refused to be drawn on the reports. However, it is understood the closing date for the second round of bids for the company, which is owned by private-equity firm Permira, ends tomorrow.
Last month, “at least” four companies including Blackstone, BC Partners, Bain Capital and Clayton Dubilier & Rice were understood to have submitted bids in the first round. Bain Capital and Clayton, Dubilier & Rice, however, were later reported to have not made it through to the next stage of the bidding process.
Thai food manufacturer CP Foods was also reported to be interested in Iglo and was keen to expand the firm in Asia and Eastern Europe. However, the company insisted it had not launched a bid.
Iglo achieved EBITDA growth of 7% in 2011 to EUR325.8m (US$523.9m). Net sales grew 1.4% to EUR1.57bn.
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