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Battle for Iceland

This article was originally published in Foodnews

ICELAND retail boss, Malcolm Walker, is vying with two private equity firms for the frozen food chain. Walker, who founded the group more than 40 years ago, is up against BC Partners and Bain Capital, according to press reports. Rival chains Morrisons and Asda are unlikely to make offers now. Iceland is being sold off by creditors to Icelandic bank Landsbanki, the collapsed bank that took control of the chain in 2008. Walker, who owns a 23% stake in the company with other members of the senior management team and wants to run the company alone, has rejected multiple approaches to work with private equity on a bid.

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