Blackstone and PAI May Sell United Biscuits Snack Business

Blackstone Group and PAI Partners, the private equity owners of UK-based United Biscuits have appointed Credit Suisse to split the food company’s salty snack business from its other operations, the Wall Street Journal reported on Monday, writes Reuters. The buyout firms had in 2010 attempted to sell the company for 2 billion pounds ($3.13 billion), writes Reuters.

Reuters – Two private equity owners of U.K.-based United Biscuits have appointed Credit Suisse to split the food company’s salty snack business from its other operations, the Wall Street Journal reported on Monday.

Buyout firms Blackstone Group LP (BX.N) and France’s PAI Partners had in 2010 attempted to sell the company, which makes Hula Hoops and Jaffa Cakes, for 2 billion pounds.

The sale failed to materialize despite interest from companies such as China’s Bright Foods, Kelloggs (K.N), Kraft Foods Inc (KFT.N) and Campbell Soup Co (CPB.N).

The owners of the company may now attempt to sell the company in parts, starting with snacks, the Journal reported on its website citing a person familiar with the matter.

Blackstone and Credit Suisse’s New York offices could not be immediately reached for comment. PAI and United Biscuits also could not be immediately reached for comment.

(Reporting by Durba Ghosh in Bangalore; Editing by Ramya Venugopal)