According to sources, United Biscuits Ltd., UK’s multinational food manufacturer, makers of McVitie’s biscuits, Jacob’s Cream Crackers, and Twiglets, is meeting potential buyers as the company makes headway on its plans to sell itself or go public.
Potential buyers holding initial meetings with the management of the Jaffa Cakes maker include U.S. cereal and snack maker Kellogg Co., Italian chocolate confectionery Ferrero SpA, Canadian pension fund Ontario Teachers’ Pension Plan and Turkish biscuit company Ulker Biskuvi Sanayi AS, said the people.
The latest meetings are part of a years-long struggle by the private equity owners of United Biscuits to exit their investment. In 2006, Blackstone Group LP and PAI Partners bought the cookie company for £1.6 billion. In 2010, the firms tried to sell the business to China’s Bright Food Group Co. but the deal fell apart over United Biscuits’ pension liabilities.
Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, United Biscuits Ltd., Britain, UK, McVitie’s, Jacob’s Cream Crackers, Twiglets, IPO, Jaffa Cakes, US, Snack Maker, Kellogg Co., Italy, Ferrero SpA, Canada, Canadian Pension Fund, Ontario Teachers’ Pension Plan, Turkey, Turkish Biscuit Company, Ulker Biskuvi Sanayi AS, United Biscuits, Blackstone Group LP, PAI Partners, China, Bright Food Group Co.