EU Clears Lion Capital’s FoodVest Buyout

BRUSSELS (Reuters) – British private equity firm Lion Capital won permission from the European Commission on Thursday to buy UK food products company The FoodVest Group.

“After examining the operation, the Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area or any substantial part of it,” the EU’s executive arm said in a statement.

The deal, agreed in July, is worth around 1.1 billion pounds ($2 billion), a source familiar with the matter has said.

FoodVest, which owns the Young’s and Findus brands, has leading market positions in Britain, Scandinavia and France and is growing its business in Central and Eastern Europe.

Lion specialises in the consumer sector. Its investments include luxury shoe maker Jimmy Choo, snack maker Kettle Foods and cereal manufacturer Weetabix. (Reporting by Pete Harrison; Editing by Dale Hudson)