Blackstone Group and PAI Partners have reportedly shortlisted three potential buyers as they look to exit their investment in UK Jacob’s and McVitie’s maker United Biscuits.
According to a report in The Financial Times, US cereal giant Kellogg, Ontario Teachers’ Pension Plan-owned Burton’s Biscuit Co. and Turkish food group Ulker are still in contention to acquire United Biscuits. China’s Bright Food and Philippines-based San Miguel Corp. are also said to have expressed interest in the sale, while Italian confectionery group Ferrero is understood to be weighing a move.
A source familiar with the matter told just-food United Biscuits’ private-equity owners had received a number of bids valuing the group at over GBP2bn and were taking the sale process to the second stage.
However, just-food understands Blackstone and PAI are simultaneously evaluating a possible float of the business as they look to extract maximum value from the investment.
Blackstone and PAI declined to comment while Burton’s, Kellogg and Ulker did not respond to requests for comment at time of press.