Private equity group Capvest, the owners of Young's Bluecrest, CVC Capital Partners and Kohlberg Kravis Roberts have joined forces to make a bid for Unilever's frozen foods business.

Reports suggest that the equity groups have formed a consortium to make a £1bn bid for the business.

Earlier this year Unilever revealed that it was selling its Unilever frozen foods business. The sale, which includes brands such as Birds Eye and Iglo, does not include its frozen foods business in Italy.