Blackstone, PAI Done Snacking with United Biscuits
November 04, 2014
The Blackstone Group and PAI Partners have agreed to sell biscuit manufacturer and marketer United Biscuits to Turkey's Yildiz Holding. The deal is expected to close shortly and the offer reportedly values the company at £2 billion+ (or more than 10x EBITDA). UB owns and operates 16 manufacturing facilities, seven in the U.K.; among its popular brand names are McVitie’s, Penguin, Jacob’s Cream Crackers, Twiglets and more. The company had been acquired by Blackstone and PAI for about £1.6 billion in 2006.