Mon, 23 Apr 2012 | BUSINESS SALE
Lion Capital is assessing a potential sale of its Weetabix brand to Chinese state-backed firm Bright Food, in a deal worth about £1 billion.
Talks have been in progression for the past few months about the potential sale, commencing shortly after Lion Capital refinanced its debts of £900 million late last year.
Lion Capital would not comment on the possible sale of the Ready Brek and Alpen maker. It is known that it has generated over three times its initial equity investment since the purchase in 2004.
It was reported in the Financial Times that Lion Capital would only be willing to sell the business for a high price, after its reluctance to sell in the past.
Bright Food is amongst China’s largest food firms with yearly sales exceeding 4 billion. It pulled out of discussions to buy UK Hula Hoop maker United Biscuits in 2010.
Established in 1932, the breakfast cereal maker was known as the British and African Cereal Company until 1936 when it adopted the more memorable brand name Weetabix. Today it is the second largest manufacturer of cereals and cereal bars, and has a 2,000-strong workforce across its operations in Germany, Spain, North America and South Africa.
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