Former Premier Head Linked With Lucozade Bid
Michael Clarke, the former chief executive of Premier Foods, is reported to have joined international private equity group Kohlberg Kravis Roberts (KKR) to advise on making a £1.5 billion bid to acquire iconic British and international soft drinks brands Lucozade and Ribena from UK-based global pharmaceutical and healthcare group GlaxoSmithKline. The disposal is part of GSK’s efforts to reshape its business, improve strategic focus and enhance its growth profile.
Michael Clarke.
Michael Clarke resigned suddenly as head of Premier Foods at the start of the year after only 18 months in the job and part way through a turnaround programme. He was replaced by Gavin Darby.
KKR is expected to face stiff competition from other private equity groups, such as Blackstone and Lion Capital, in bidding for Lucozade and Ribena. Other private equity suitor could include Bain Capital, CVC Capital Partners and Onex of Canada.
Trade buyers believed to be considering bids including Suntory, the Japanese drinks giant, and UK-based AG Barr, which recently had a proposed merger with Britvic rejected.
