Italian frozen food company Findus Italy could be put on the block for up to 800m Euros by its parent consumer goods group Unilever.
It is expected that Findus Italy will be valued at eight to ten times its yearly earnings before interest, tax, depreciation and amortisation of 65m to 70m Euros.
Interested parties include Birdseye Iglo, which is owned by UK private equity group Permira, and Findus Group, owned by Lion Capital.
Unilever sold Birdseye and Iglo to Permira for 1.7bn Euros in 2006. Findus Italy was the only part of the business it retained, as it was integrated with its Italian ice-cream business including the Viennetta and Cornetto brands.
At the time, Findus Italy was Unilever's largest single operation in Italy. It has since opened a global research and development site there dedicated to "assembled foods" such as meals and snacks. Its Italian business has also expanded to include the launch of a Dove Men + Care toiletries range.
The consumer goods giant now believes it can sell the Italian food business off for a good price without damaging its position in the country.
Findus Italy makes ready-meal frozen traditional Italian dishes including carbonara and bolognese.
Goldman Sachs has been advising Unilever on the sale.
