Two Sisters Food Group is reported to be bidding for rival company Burton’s Biscuits.
Sky suggested at the weekend that the Fox’s Biscuits producer was considering bidding for Burton’s, along with private equity groups Apax Partners, Capvest, Charterhouse and Pamplona Capital.
However, Burton’s has refused to comment on speculation. A spokesperson said: “Inevitably there will be speculation about the identities of bidders, but we won’t be commenting at this stage.”
The company confirmed that it was on the market in August for around £350m.The announcement followed months of speculation after Credit Suisse was recruited to look at options earlier this year.
The firm said: “We can confirm that a process for the possible sale of Burton’s Biscuit Company will shortly commence. There is no guarantee a sale will take place, and we will provide an update in due course. It is very much business as usual.”
In 2009, Burton’s lenders Apollo Management and CIBC, the Canadian bank, took control of the group in a painful debt-for-equity swap that left its previous owner Duke Street Capital nursing heavy losses.
The firm has since focused on growing its core brands and revamping its three factories in preparation for a sale.
Burton’s recently announced a partnership with Cathedral City to produce Cathedral City Baked Bites.
To support the licensing deal, the Wagon Wheels producer invested almost £1m in a new savoury capability in its south Wales factory.