Tue, 03 Apr 2012 | MERGER
A merger between Premier Foods and Symington's is on the cards as a number of private equity firms are reportedly looking to unite the two food companies.
The merger would only involve some of the food companies' brands, but they are some of the most well-known brands in the UK. Angel Delight, Bird's, Sarson's vinegar and Robertson's marmalade are all being considered for a sale by Premier Foods; while Symington's is looking at selling Ragu, Aunt Bessie's and the rights to Campbell's soups.
Premier needs to sell some of its brands in order to raise money to pay off its £1 billion debts racked up during a spending spree that included Mr Kipling owner RHM. Symington's, meanwhile, has been put up for sale by its shareholders.
Permira and PAI Partners are among the private equity houses involved in the discussions. Damian McNeela, analyst at Panmure Gordon, told foodmanufacturer.co.uk: “We believe that the combination of these brands would create sufficient scale to be attractive to private equity and, in doing so, creates a credible purchaser for Premier's non-core assets.”
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