Turkish food group Yildiz Holding is aiming to offload its UK-based cracker brand Jacob’s this year, according to a new report.
News agency Bloomberg, citing “two people with close knowledge of the matter”, said the owner of McVitie’s digestives and Godiva chocolates may offload the entire business or sell a stake to an investor.
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Its sources confirmed earlier reports that Yildiz has hired investment bank Oppenheimer to oversee an auction of Jacob’s, which it runs through its UK-based international snacks business Pladis.
Yildiz acquired Jacob’s when it bought United Biscuits in a US$3.1bn deal in 2014.
But the company is now debt-laden and agreed a settlement with banks last year which means it has to sell assets as part of a $6.5bn loan restructuring deal.
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Last week it agreed to sell Asia Pacific retail licences for its Godiva chocolate brand to Asian private-equity firm MBK Partners.
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By GlobalDataWhen approached by Bloomberg, Yildiz and Oppenheimer declined to comment on the story.
just-food has additionally asked Pladis for a reaction to the Bloomberg report.
