China’s Bright Food Group is reportedly looking to sell its shares in UK breakfast cereal producer Weetabix.
Citing three unnamed sources, Reuters yesterday (20 December) reported Bright Food had hired Goldman Sachs to offload its stake in Weetabix, four years after investing in the business.
The process to sell Bright Food’s 60% stake in Weetabix is expected to start next month, Reuters said.
Approached by just-food, Weetabix declined to comment.
Bright Food acquired 60% of Weetabix from private-equity firm Lion Capital in 2012, with an eye on building the UK group’s presence in Asia, particularly China. In 2015, Baring Private Equity Asia bought the remaining 40% Lion Capital held in Weetabix.
Two years ago, reports emerged Bright Food was considering floating Weetabix and another of the Chinese group’s food business, Australian group Manassen Foods. Bright Food snapped up 75% of Manassen in 2011.
Hard work ahead for new Weetabix owner Bright Food – just-food analysis from 2012