United Biscuits, owner of the McVitie’s, go-ahead and Jacob’s brands, has been sold for over £1.6bn to private equity firms, The Blackstone Group and PAI partners.
The deal, which is due to to be completed by the end of the year, will be financed through a combination of equity in equal share from Blackstone and PAI funds and debt financing.
PAI confirmed that UB’s existing management team will remain in charge of the company.
Bertrand Meunier, senior partner of PAI said: “We have known United Biscuits for a long time and welcome the opportunity to continue working with its outstanding management team which has led an impressive turnaround. We fully support their strategy to continue to develop market positions through new product developments and selected acquisitions”.
Malcolm Ritchie, chief executive of UB confirmed that the company would continue to strengthen its key brands over all sectors.
The completion of the transaction is subject to clearance by the European Commission as well as consent of the UK Pension Regulator.
