United Biscuits sold for £2bn

The firm behind biscuit and cracker brands including McVitie’s, Jacob’s and Penguin was put up for sale by its private equity owners through fund managers Blackstone and PAI Partners.

According to reports, the US giant Kellogs was also interested in buying UB, but Yidiz secured the deal through offering what is understood to be £2 billion for the company, which has seven production plants in the UK and another nine spread across France, the Netherlands, Belgium and Ireland.

We are looking to expand our share of the biscuit and snacking markets abroad

UB chief executive Martin Glenn

UB declined to reveal the fee paid by Yidiz, but the company’s chief executive Martin Glenn said he expected the company’s new owners to be able to help UB achieve its growth potential.

“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,” said Glenn.

“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.”

UB employs about 7,100 people, with 4,600 in the UK at sites including London, Manchester, Carlisle, Glasgow, Halifax and Liverpool.

Yidiz has 41,000 employees in 10 countries including the US and China, but until now had no presence in the UK.