UK: Private equity firms submit "second bids" for R&R Ice Cream
Three private equity firms linked to the purchase of UK firm R&R Ice Cream are understood to have gone through to a second round of bidding.
R&R Ice Cream, which has operations across Europe and supplies branded ice cream under licence as well as own-label lines, is reported to have received first-round bids before Christmas.
US investment fund Oaktree Capital owns 82% of R&R. Management including chief executive James Lambert owns the remainder of the business.
According to Reuters this week, three private equity firms, Clayton, Dubilier & Rice (CD&R), Ontario Teachers Pension Plan and PAI Partners, have all submitted second-round bids for the firm. It is understood the business could fetch around EUR900m (US$1.2bn).
R&R had said in October it was exploring strategic options that could include a sale.
Ontario Teachers Pension Plan declined to comment on the reports, while CD&R and PAI Partners did not return a request for comment.
Despite the sale reports, R&R Ice Cream this month acquired the Yoomoo frozen yoghurt brand for an undisclosed sum.
- Work on sugar could stir more clean-label concerns
- Are consumers getting tired of consuming?
- Rise of prepared foods in US grocers - analysis
- Hershey results, outlook, M&A - the top takeaways
- How are brands organising for e-commerce?
- Nestle, R&R Ice Cream finalise joint venture plans
- Fazer buys European biscuit brands from Mondelez
- Hershey buys company behind BarkThins brand
- Mondelez sees stronger margins, LFL growth
- PepsiCo, Target back campaign for gender parity