Permira’s sale of Birds Eye Iglo is getting underway with first-round bids due early May, according to market sources. Credit Suisse is advising.

As well as a sale the sponsor is also considering an IPO or recapitalisation, sources said. Permira bought Birds Eye in 2006 in a deal funded through a €1.475 billion senior and junior debt facility. The fish-finger maker returned in 2010 with a €500 million TLD to fund the acquisition of Findus Italy, and with a £375 million senior add-on last year to take out its senior and junior mezzanine loans.

Under Permira’s ownership Birds Eye is said to have performed well, and has an EBITDA of roughly €320 million. At this quantum a fresh buyout of Birds Eye would bring the largest buyout seen in Europe so far this year, and one that would require support from both bonds and loans, according to bankers.

The auction is also the largest of Europe’s major live situations. Elsewhere, Bridgepoint’s sale of Alain Afflelou is heading towards the final bid deadline later this month, with Bain and Lion Capital said to be vying for the firm. Meanwhile, first-round bids went in last week for the sale of Global Blue, the Switzerland-headquartered international VAT refund business. – Staff reports