At least three bidders are through to the next round in the sale of Unilever PLC's (UL) Italian frozen food business, people familiar with the situation told Dow Jones Newswires Wednesday.

Buyout firms Lion Capital, Permira and PAI Partners have reached the second round, the people said. It is unclear whether BC Partners remains in the process following first round bids May 24.

The Anglo-Dutch consumer goods giant hired Goldman Sachs Group Inc. (GS) at the beginning of April to run an auction of the unit which has annual turnover of around EUR450 million.

A representative for Goldman Sachs (GS) declined to comment.

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.

Unilever's sale is just one of several current private equity deals in the sector. Kraft Foods Inc. (KFT) is in the process of selling its Polish and Romanian confectionery businesses, while BC Partners has hired Rothschild to sell its French frozen foods retailer Picard and Apax Partners is expecting final bids for its Spanish donut company Panrico at the end of the month.

-By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241; marietta.cauchi@dowjones.com

(Jessica Hodgson contributed to this article.)
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