The confidence that private equity has in the food sector came to the fore again this week with Lion Capital’s move to buy two household names – Young’s and Findus. Another leading brand, Bertolli, changes hands with Unilever offloading the olive oil to Spain’s Grupo SOS. A brand launch also grabbed your attention with Mars’ unveiling of ethnic cuisine kit PurAsia in the UK.
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UK: Young’s, Findus sold to Lion Capital
Lion Capital, the UK-based private equity group, is to buy the owner of Young’s Seafood and frozen food firm Findus, it was announced this morning (22 July).
UK/SPAIN: Unilever sells Bertolli olive oil to SOS
Unilever has sold its Bertolli olive oil and vinegar business to Spanish food firm Grupo SOS, it was announced this morning (21 July).
UK: Mars launches Asian cuisine line
Mars Food is set to unveil its first new brand in the UK in nine years. PurAsia is a new brand in Asian cuisine developed to “inject excitement” in to the GBP594.5m (US$1.2bn) wet cooking sauce category.
For our interview with Mars Food marketing director Paul Aikens, click here.
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By GlobalDataUK: Food groups join UK obesity fight
Food manufacturing giants including Cadbury, Kellogg and Mars have pledged more than GBP200m (US$398m) to support a UK government-backed scheme to tackle obesity in the country.
AUS: National Foods’ Dairy Farmers bid cleared
Australia’s competition watchdog has given the National Foods-led bid for Australian cooperative Dairy Farmers approval to progress to the next stage of the sale process.
US: Inflation hits Costco profits
US warehouse club retailer Costco has warned that profits are likely to come in “well below” market expectations due to surging energy prices and rising costs.
US: Weak US economy hits Supervalu
Concerns over the US economy and rising food and fuel prices have caused retail giant Supervalu to reduce its annual sales forecast.
UK: Aldi, Lidl march on – TNS
Discount retailers Aldi and Lidl continue to gain share of a growing UK grocery market, according to figures out today (22 July).
US: Overseas markets buoy PepsiCo
PepsiCo has today (23 July) posted double-digit sales and earnings growth for the first half of the year on the back of strong international growth.
CANADA: Maple Leaf wilts as costs soar
Maple Leaf Foods saw underlying profits almost halve during the first half of 2008 thanks to soaring grain and fuel costs.
