A group of financial institutions has lodged a surprise takeover bid for Fox’s Biscuits, even as the industry faces pressure from rising commodity prices and growing consumer preference for healthier snacks.
Sky News has learnt that the mystery party which last month approached Fox’s owner, Boparan Holdings, was not a rival biscuit-maker but a consortium of City and Wall Street bondholders.
Speculation about the identity of the potential acquirer of Fox’s was triggered by a statement from Boparan to the Luxembourg stock exchange disclosing that it had received an approach to buy the business.
Fox’s had previously held talks with the owners of Burton’s Biscuits – the maker of Wagon Wheels – but had been unable to agree a deal.
Insiders said that a group of financial institutions were proposing to buy Fox’s through a new special purpose vehicle, although their identities were unclear on Wednesday.
Britain’s biscuit market has been undergoing significant change, with United Biscuits, the producer of McVities, taken over by Turkey’s Yildiz Holding just over two years ago.
The industry’s major players are facing pressure from changing consumer trends and inflationary factors which are driving up costs even as big retailers resist demands to absorb those higher costs.
Boparan is the corporate vehicle of Ranjit Boparan, the tycoon whose 2 Sisters Food Group is the UK’s largest poultry producer.
He has also overseen the purchase of a string of restaurant chains including Ed’s Easy Diner and Giraffe.
A spokesman for 2 Sisters declined to comment on Wednesday.
By Mark Kleinman
Source: Sky News
The facility is designed to foster innovation and deepen collaboration with customers, by offering a range of new services and solidifying its role as a central hub for customer support. Tereos’ team, supported by a network of 50 scientists, will ensure customers can innovate and meet the rising consumer demand for healthier and more sustainable products.
Glanbia has agreed to acquire Flavor Producers from Aroma Holding for an initial consideration of $300 million. Flavor Producers is a US-based flavour platform, providing flavours and extracts to the F&B industries, with a focus on organic and natural ingredients.
Lesnard, who previously worked at Nike, The North Face and Sephora, has a mission to “grow and sustain GODIVA’s position and expertise in the premium chocolate category, leveraging ongoing support from pladis to take GODIVA and its legendary chocolate to new heights.”
