Permira scraps refinancing and sale of Birds Eye owner Iglo Group The refinancing would have increased Iglo's debt from €1.4bn, or 4.2 times earnings before interest, tax, depreciation and amortisation , to almost €2bn. Talk of a recapitalisation emerged earlier this week after Permira reached stalemate in talks with BC Partners and Blackstone, which made a joint offer of €2.45bn for Iglo, but this fell short of Permira's €2.8bn asking price. Permira bought Iglo from Unilever in 2006 for €1.7bn. The group said it would continue to support Iglo as it pursued both further acquisitions and organic growth. This could potentially include a bid for parts of the Findus Group as owner Lion Capital looks at breaking up the rival frozen food business. Permira said: "The Permira funds, together with management of Iglo group, have jointly taken the decision to end the sale process and are no longer considering a refinancing of the business." Iglo Group is performing strongly and is a well-capitalised business. The momentum in the business is strong and its current capital structure gives it the flexibility to pursue both its organic growth strategy and explore further acquisition opportunities. In 2010, Iglo bought the Italian operations of Findus for more than €800m.