The sale was completed by Private equity funds managed by Blackstone and PAI Partners of United Biscuits and GMB, the company’s union, is seeking a meeting at the earliest opportunity to understand the future for their employee’s jobs in the UK.
Matin Glenn, CEO 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.”
United Biscuits is the leading manufacturer and marketer of biscuits in the UK and second largest in the Netherlands, France, Belgium and Ireland. Among UB’s popular brand names are McVitie’s, Penguin, go ahead!, McVitie’s Jaffa Cakes, Jacob’s, Twiglet’s and Carr’s.
The company employs 7,100 people worldwide, including 4,600 in the UK at sites including London, Manchester, Glasgow and Liverpool. United Biscuits will now be owned by Turkey’s Yildiz Holding, who have no operations in the UK, but a presence in the US, Middle East and Asia.
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 UN to fulfil its international growth ambitions.”
Goldman Sachs and JP Morgan acted as advisors to Blackstone and PAI, while Certerview Partners acted as advisors to UB.