Yildiz buys United Biscuit and becomes world’s third larger producer
Private equity funds managed by Blackstone and PAI Partners announce the sale of United Biscuits, a manufacturer of biscuits, to Yildiz Holding (“Yildiz“), a Turkish manufacturer of food products. Following the acquisition, Yildiz becomes world’s third biscuit producer.
United Biscuits (UB) is a 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, 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.
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 fulfill its international growth ambitions”.
He thanked 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, commented: “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.”
Commenting on the sale, Martin Glenn, CEO of United Biscuits, said: “We look forward to being part of Yildiz as we continue to fulfill 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.”
Closing is expected shortly. Goldman Sachs and JP Morgan acted as advisors to Blackstone and PAI. Centerview Partners acted as advisors to UB.
Analysing the facts
Yildiz is now the world’s third largest biscuit player, behind Mondelez and Kellogg, leapfrogging both Nestlé and PepsiCo.
The merger also brings Yildiz one step closer to its pledge of becoming a truly global company. While many food companies are busy seeking growth in the emerging world, Yildiz has chosen to invest in a mature market, Euromonitor explains.
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