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Home > PE News > By Region > Europe > Western Europe

Blackstone, PAI may clear cupboard with United Biscuits sale Blackstone, PAI may clear cupboard with United Biscuits sale

22 Jul 2010. Source: AltAssets
Blackstone Group and PAI Partners, US and European buy-out houses respectively, are looking to sell off their investment in United Biscuits, the UK manufacturer behind popular brands such as Jaffa Cakes and Hob Nobs, according to reports.

Blackstone and PAI are hoping that the investment could bring in more than £2bn (€2.37bn), various press reports suggest.

Options on the table include auctioning off the entire business to a trade buyer or rival private equity group, splitting its snacks and biscuits divisions and selling them separately, or selling United Biscuits in an initial public offering.

The private equity duo partnered for the £1.6bn (€1.9bn) buy-out of United Biscuits in 2006, via a secondary purchase that saw PAI retain ownership, and Cinven and MidOcean Partners relinquish their stakes in the biscuit manufacturer.

United Biscuits was originally acquired in 2001 by Cinven, MidOcean Partners, PAI and Kraft, the largest confectionery, food and beverage business in the US. Kraft exited its shareholding in 2006.

PAI is also thought to be considering another exit in the food sector. The French firm may sell its 50 per cent stake in yoghurt-maker Yoplait, the company behind the Petit Filous range of children’s yoghurts, which is valued at over €1bn.

Copyright © 2010 AltAssets

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