Private-equity group Blackstone has cooled reports that it and United Biscuits co-owner PAI Partners are looking to split the UK biscuits and snack maker in two.
However, reports this morning (15 August) have suggested that United Biscuits may be broken up as Blackstone and PAI plan to revive attempts to sell the UK food manufacturer.
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The move would see the biscuit division, which makes Jaffa Cakes and Penguin biscuits, separated from its crisps and nuts operation, which includes KP, McCoy’s and Hula Hoops.
The two firms bought UB, which makes McVitie’s biscuits and McCoy’s crisps, for GBP1.6bn (US$2.6bn) in 2006.
A spokesperson for Blackstone, however, told just-food that a split is not something the two firms are currently looking at, and won’t be “until late 2012 at the earliest”.
“No strategy has been finalised. It is part of our job to look at all ways to exit the business, there’s no favourite way and it’s our job to look at ways to maximise value to shareholders,” the spokesperson said.
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By GlobalDataBlackstone and PAI had hoped to raise GBP2bn (US$3.25bn) from a sale of the company last year but interest from potential suitors including China’s Bright Food, Kellogg, Kraft Foods and Campbell Soup Co. failed to deliver a deal.
