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United Biscuits Sale Talks End

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United Biscuits Sale Talks End

United Biscuits Sale Talks End
November 19
13:14 2010

The exclusive talks to acquire United Biscuits, the British and international biscuits and snacks manufacturer, between its owners and Chinese food conglomerate Bright Food Group are reported to have ended with no formal offer forthcoming. The co-owners of United Biscuits, private equity firms Blackstone Group and PAI Partners, have now opened talks with other potential bidders as they seek to auction off the business. Blackstone Group and PAI Partners acquired United Biscuits for £1.6b four years ago but put is up for sale earlier this year.

United Biscuits is one of the world’s leading branded biscuits and snacks businesses. The group’s products range from biscuits and crackers to cakes and savoury snacks and its portfolio of brands includes McVitie’s, Jacob’s, Carr’s, McCoy’s, Hula Hoops, McVitie’s Jaffa Cakes, KP, Mini Cheddars, go ahead!, Verkade, Sultana, BN, and Delacre. In 2009, United Biscuits increased EBITDA by 13.7% to £223.4m on turnover up 5% to £1.26b.

The group has £1.2b of debt and the asking price is believed to be in the region of £2b. Potential suitors for United Biscuits include Campbell Soup, Krafts Foods, PepsiCo and Kellogg.

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