Findus, a food group owned by buyout firm Lion Capital, has approached its lending syndicate of banks to discuss funding expanding the business, Reuters reported. Findus did not say how much would raise, although the Sunday Telegraph newspaper previously reported it was looking to raise a 1 billion pound ($1.64 billion) acquisition war chest, Reuters said. Lion Capital bought Findus in 2008.
(Reuters) – Private-equity owned food group Findus said it had approached its lending syndicate of banks to discuss funding expanding the business, and could make acquisitions although it would focus on internal growth.
“The company confirms that it has approached its lending syndicate to seek an appropriate long term financial structure to fund the business’s future expansion,” Findus said in a statement on Sunday.
“It is expected that this growth will predominately be organic in nature, whilst not ruling out bolt on strategic acquisitions,” Findus added.
“The new structure, if agreed, will increase the company’s ability to expand and will be in sterling thereby significantly reducing the substantial currency effects of Findus’s current euro denominated borrowings.”
Findus did not say how much it was hoping to raise, although the Sunday Telegraph newspaper had earlier reported it was looking to raise a 1 billion pound ($1.64 billion) acquisition war chest.
Findus specializes in frozen foods and seafood. The company, which has turnover of more than 1 billion pounds, was acquired by private equity firm Lion Capital in 2008. ($1=.6103 Pound) (Reporting by Sudip Kar-Gupta, editing by Maureen Bavdek)