BLACKSTONE, one of the world’s largest private-equity houses, is striving to build a £2 billion frozen-food empire that would include internationally renowned brands such as Findus and Birds Eye.

The group, which has built up a portfolio of assets in Britain, including the pub chain Spirit and cinema company Cine-UK, has lodged its interest in buying units that have been separately earmarked for disposal by the consumer-goods companies Unilever, Findus and Heinz.

If completed, the trio of deals would give Blackstone the largest frozen-food business in Europe and bring together long-standing staples of the British dining room such as Birds Eye fish fingers and Findus frozen vegetables.

Analysts believe that successful bids for the three assets would collectively cost Blackstone in the region of £2 billion. The prospect of merging them to create a single company would offer potential cost savings that could enable Blackstone to outbid rivals in the three auctions.

Sources said this weekend that all three sale processes were at an early stage and unlikely to be completed for several months. Blackstone declined to comment.

Blackstone’s interest in a “buy-and-build” approach to the frozen-food businesses mirrors its strategy in assembling underperforming companies in sectors such as theme parks and care homes.

Consumers have increasingly shunned frozen meals as improved retail distribution and changing mealtime trends have shifted tastes towards chilled convenience foods.

Unilever admitted in September that it was considering strategic options for its frozen-food unit, which analysts believe could be sold for more than £1.1 billion. Goldman Sachs, the investment bank, is believed to be fielding offers for the business.

Findus, owned by the Scandinavian private-equity firm EQT, was also put on the block this autumn, with Deutsche Bank hired to find a new home for its portfolio of products. The company is likely to fetch as much as €650m (£438m).

Meanwhile, Heinz announced in September that it was calling time on its European frozen-food and seafood units, which include brands such as Linda McCartney, Weight Watchers and John West, to focus on faster-growing segments of the food industry.

A disposal, led by JP Morgan and UBS, is expected to generate about £400m, according to banking sources.

The frozen-food sales reflect a wave of corporate activity among multinational consumer-goods firms.

Last month the Office of Fair Trading referred the £470m sale of HP Foods to Danone to the Competition Commission.

If the deal is ultimately blocked, the business could attract renewed interest from financial buyers.

This week a number of private-equity houses will lodge bids of more than £1 billion for the European beverages arm of Cadbury Schweppes, which is being auctioned by Goldman Sachs.

Permira, a joint bid from Blackstone and Lion Capital, and PAI Partners are understood to be the frontrunners to acquire the business, with a deal possible before the end of the year.

Separately, Galbani, an Italian food company that supplies cheeses and meats to many of Britain’s biggest supermarkets, is expected to change hands.

Galbani’s owner, BC Partners, is understood to be conducting a beauty parade of investment banks with a view to selling it for more than €2 billion.

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