US private equity group Hicks, Muse, Tate & Furst has agreed to buy UK cereal maker Weetabix for around £642m (US$1.1bn) in cash.
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Privately-owned Weetabix is the number two player in the UK branded cereal market, with a 14.2% share. With brands such as Weetabix, Alpen and Ready Brek, the company recorded pre-tax profit of £44.4m for the year to 3 August 2002, on sales of £361.6m, reported Reuters.
“We are delighted with the opportunity to acquire Weetabix. This transaction continues our initiative of a focused investment strategy in the food manufacturing sector,” Hicks Muse partner Lyndon Lea was quoted by Reuters as saying.
