The sale of United Biscuits (UB) to international biscuit manufacturer Yildiz Holding has been confirmed.
Private equity fund business Blackstone and PAI Partners handled the deal with the Turkish company, which already owns chocolate brand Godiva.
Martin Glenn, chief executive of United Biscuits, said: “We look forward to being part of Yildiz as we continue to fulfil our growth potential both in the UK and abroad, where we are looking to expand our share of the biscuit and snacking markets and where there is huge potential for all our brands.
"I would like to thank Blackstone and PAI for their support. They have been instrumental in helping grow the company over the last few years.”
Lionel Assant, European head of private equity at Blackstone, said: “United Biscuits is a great business and has been an excellent investment for us. Yildiz is the best home for the company and will allow UB to fulfil its international growth ambitions.
“I would like to thank United Biscuits’ management team for the way in which they have led the company and wish UB well under new ownership.”
Frédéric Stévenin, partner at PAI Partners, said: “United Biscuits is an iconic business with leading global brands. We are very proud to have been part of its development and wish everyone at the company continued successes over the years ahead.”
Closing is expected shortly. Goldman Sachs and JP Morgan acted as advisors to Blackstone and PAI. Centerview Partners acted as advisors to UB.
UB is the largest manufacturer of biscuits in the UK and its brands include McVitie’s, Penguin, go ahead!, McVitie’s Jaffa Cakes, Jacob’s Cream Crackers, Twiglets, Mini Cheddars and Carr’s in the UK, and BN, Delacre, Verkade and Sultana in Continental Europe. UB owns and operates 16 manufacturing facilities, of which seven are in the UK.