Private-equity firm Permira has asked Credit Suisse to prepare a sales and marketing document in preparation for a potential sale of its Iglo Group frozen food business, just-food understands.

Permira began looking into the possibility of a sale after it was contacted by “interested parties”, a source familiar with the situation told just-food. Once the documents are prepared, if there is enough interest, the investment vehicle will then proceed with the sale through an auction process. 

However, the private-equity declined to comment when contacted by just-food today (26 March).

Iglo, which is Europe’s largest frozen food group, 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. 

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

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However, it is believed that a trade buyer is less likely as there are few companies that could raise the necessary capital.