Thu, 22 Jul 2010 | BUSINESS SALE
Private equity firms Blackstone and PAI Partners are preparing to dispose of United Biscuits with a £2 billion price tag.
The current owners bought United Biscuits in 2006 for £1.6 billion. Several banks, including JP Morgan and Goldman Sachs, are reportedly in competition to secure the contract to manage the sale process, due to begin in the autumn and complete early in 2011.
United Biscuits owns brands including Jacob's, Carr's, McCoy's, KP, McVitie's, and the reduced fat Go Ahead range.
It has been reported that the owners would also consider selling the snacks subsidiary and the biscuits unit to different buyers. The sale could well bring both branded food manufacturers and private equity companies to the table.
United Biscuits was created in 1948 after the merger of Scottish family businesses McVitie & Price and MacFarlane Lang. The company now operates 11 factories in Britain and another four in Europe.
The UK's leading snacks maker has thrived in recent years despite the recession, and has seen its operating profit rise by a fifth, while its revenues grew 5 per cent to £1.26 billion in 2009.
PAI is also looking into selling its 50 per cent holding in French yoghurt producer Yoplait, which is potentially valued at £1 billion.
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