UK-based private equity group Permira has said it plans to double sales at its German frozen food subsidiary, Iglo, by updating the company’s brand image and appealing to younger consumers.
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According to reports, Permira will look to increase Iglo’s turnover to EUR2bn (US$2.95bn) and establish the company as a European market leader within three to five years, before considering a sale or flotation.
While Iglo expects to book sales of around EUR250m from its Kapt’n Iglo brand this year and EUR100m from other brands, organic growth on its own will not meet Permira’s targets, so the private equity group is being tipped to make further acquisitions in the frozen food market.
Unilever-owned Italian brand Findus is thought to be one of Permira’s possible targets, along with other companies in Spain and France.
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