The private equity owners of the Jaffa Cake and McVitie’s biscuit maker, Blackstone and PAI Partners, are looking for offers of £2bn and above, according to Sky News.
“I’m told that a number of banks, including Goldman Sachs and JP Morgan, are competing for the mandate to handle the sale process, which will begin in the autumn and conclude early next year,” said Sky’s City editor, Mark Kleinman.
The two firms were prepared to sell the UB’s snacks and biscuits divisions to different buyers, he claimed.
Earlier this year, The Grocer acquired leaked documents in which UB admitted it had been £10.5m down on its sales budget and £4.5m adrift of its profits target in the first three months of the year.
UB fails to hit its first-quarter profits target (29 May 2010)
UB makes a Medley of key biscuit brands (08 May 2010)