Turkey: Yildiz Holding to buy United Biscuits

Turkey: Yildiz Holding to buy United Biscuits

The Turkish food conglomerate Yildiz Holdings, owner of Belgium's Godiva Chocolate and America's De Met's Candy Company, has fended off competition from Burton’s Biscuits and Kellogg’s to acquire United Biscuits from private equity funds managed by Blackstone and PAI Partners.

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”.

Commenting on the sale, Martin 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”.

The transaction, reportedly valued at about $3.2 billion, is expected to close shortly.

Source: United Biscuits / AOL / New York Times