Chinese firm linked to Weetabix talks
Shanghai firm Bright Food has been in talks with Lion Capital, Weetabix’s private equity owner, for several weeks, according to a Sunday newspaper report.
In 2010, Bright Food considered a £2 billion deal to buy United Biscuits, the company behind Hula Hoops and Jaffa Cakes, but the talks fell through.
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Hide AdWeetabix dates back to 1932 and was family owned until it was bought by Texan private equity firm, Hicks Muse Tate & Furst, in 2004 for £642 million.
It is thought Bright Food has placed a value of around £1bn on the Northamptonshire-based business, which sells in 80 countries, employs around 2,000 people and generates annual sales of £423m.
In 2010, Weetabix accounted for 7 per cent of the country’s total cereal sales. Other brands in its portfolio include Alpen, Ready brek and Oatibix.