PAI, Carlyle Out Of Auction For Unilever Italian Unit-Sources

1st Jul 2010 14:35

By Marietta Cauchi Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Buyout firms PAI Partners and Carlyle Group have withdrawn from the auction for Unilever PLC's (UL) Italian frozen food business ahead of the deadline for second round bids in mid-July, people familiar with the situation told Dow Jones Newswires Thursday. It isn't clear whether BC Partners will submit a second-round bid, leaving Lion Capital and Permira likely to go head-to-head for the company. Both Permira and Lion Capital have complementary businesses. Permira is bidding through Birds Eye Iglo Group, the European frozen-foods business it bought from Unilever in November 2006, while Lion Capital already owns Findus Group, parent of Young's, Findus and Seafood Co. The Anglo-Dutch consumer giant hired Goldman Sachs Group Inc. (GS) at the beginning of April to run an auction of the unit, which has annual revenue of around EUR450 million. -By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241; [email protected] (END) Dow Jones Newswires July 01, 2010 09:35 ET (13:35 GMT)