Anglo-Dutch consumer goods group Unilever PLC (UN) is set to kick off the sale of its Italian frozen-food business, a person familiar with the situation told Dow Jones Newswires Monday.

The auction is expected to attract several buyout firms, in particular those with existing investments in the sector.

Information memorandums haven't been sent out yet, but a formal process will be launched within the next few weeks, the person added.

London-based private-equity firm Permira will bid through Birds Eye Iglo Group, the European frozen-foods business it bought from Unilever in November 2006.

Lion Capital which already owns Findus Group, parent of Young's, Findus and Seafood Co., is also expected to bid.

Meanwhile, Unilever has been active buying up companies to complement its existing portfolio, which includes brands such as Ben & Jerry's ice cream and Dove soap and Lynx deodorant.

Just last September the the Anglo-Dutch consumer-goods group bought U.S. Sara Lee Corp., which adds Sanex and Radox to the company's range of soaps.

A representative for Unilever declined to comment.

-By Marietta Cauchi; Dow Jones Newswires; 415 439 6455; marietta.cauchi@dowjones.com
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