Sugar Puffs has been purchased from PepsiCo by investment vehicle Big Bear for £30m in the latest deal by the UK’s growing band of ‘consolidators’.

Consolidators have been busy vacuuming up niche and secondary brands in order to transform them into heavyweight players.

The acquisition will now form part of a brand group with turnover in excess of £40m alongside Fox’s Confectionery, bought in 2003. The company said it would continue to look for opportunities in the ambient branded sector.

Big Bear funded both deals with financing from Investec Private Bank, which remains its largest institutional investor.

James Stirling of Investec Private Bank said: “If we could find another great confectionery or cereal brand, that would be interesting, but otherwise our focus would be on established ambient brands.”