United Biscuits lines up buyers for snacks business22 August 2012
United Biscuits representatives have contacted potential buyers over the sale of its snacks business, according to a report in The Telegraph.
Advised by Credit Suisse, private equity group Blackstone and French buy-out firm PAI Partners have reportedly distributed a four-page sales document to six firms who may be interests in United’s KP Snacks division which is valued at £520 million. £8 billion Chinese beverage firm Wahaha is believed to be in pole position, though Kraft and Kellogg’s have also reportedly been contacted about the sale.
A final Information Memorandum will be issued on 3 September.
“The snacks business is the second-largest bagged snack company in the UK and has shown consistent top and bottom-line growth for the past five years.,” said a company statement.
“This product category remains dynamic, currently growing at 6% per annum and the UB board sees substantial growth opportunities both in the UK and internationally. The new chief executive (Kraft Foods UK and Ireland president Nick Bunker, who will join the firm on 1 September), together with the recently appointed dedicated management team, will provide the focus to move this business to its next level.”
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