Investment vehicle American International Group’s equity division, Capvest Equity Partners, is reportedly in talks with Blackstone about launching a GBP1bn joint bid for Unilever’s up-for-sale European Frozen Foods business, reported the Daily Telegraph.

Go deeper with GlobalData

Go deeper with GlobalData

The gold standard of business intelligence.

Find out more

Discover B2B Marketing That Performs

Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.

Find out more


The paper said that Capvest has hired Merrill Lynch and Deutsche Bank to broker the deal, but has not come to any final agreement with finance rival Blackstone as yet.


Capvest already owns UK-based fish supplier Young’s Bluecrest Seafood, and Scandinavian frozen foods company Findus.


According to reports, Lion Capital, PAI, Candover, Permira and Apax, Oaktree Capital Management, and Lehman Brothers merchant banking may also be interested in the division, which includes Captain Birds Eye and Iglo.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Food Excellence Awards - Nominations Closed

Nominations are now closed for the Just Food Excellence Awards. A big thanks to all the organisations that entered – your response has been outstanding, showcasing exceptional innovation, leadership, and impact.

Excellence in Action
Winning five categories in the 2025 Just Food Excellence Awards, Centric Software is setting the pace for digital transformation in food and FMCG. Explore how its integrated PLM and PXM suite delivers faster launches, smarter compliance and data-driven growth for complex, multi-channel product portfolios.

Discover the Impact