The private equity owners of United Biscuits, Blackstone Group and PAI partners, have reportedly appointed three banks to oversee a potential float of the McVitie’s owner.
According to Sky News, Blackstone and PAI have appointed Nomura as the bookrunner on a possible listing, while Canaccord Genuity and Investec were hired as co-lead managers.
A spokesperson for the private-equity firms declined to comment on the report.
However, a source close to the situation suggested that it is “not unusual” for bankers to be appointed at this stage of the proceedings.
Blackstone and PAI have been examining the possibility of either listing United Biscuits or selling the business as a going concern as they look to extract maximum value from their exit of the investment.
just-food understands bids of around GBP2bn (US$2.5bn) have been received for the business. Kellogg, Ulker and Burton’s Biscuit Co. have all been linked to the auction process.