Unquote

Blackstone and PAI sell United Biscuits' KP Snacks

  • Anneken Tappe
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Intersnack has acquired KP Snacks from The Blackstone Group and PAI partners portfolio company United Biscuits, in a deal reportedly worth around £500m.

The transaction is expected to complete in the first quarter of 2013.

The deal was funded by a combination of shareholder equity and debt underwritten by Commerzbank, HSBC Tinkhaus & Burkhardt, HSBC Bank and UniCredit. It will be syndicated to a larger group of banks.

The consolidated business will generate annual sales of more than £1.7bn and employ 8,000 people. Intersnack's UK division records annual sales of £80m. Intersnack Group is based in Duesseldorf, Germany.

Blackstone and PAI acquired United Biscuits in October 2006 for £1.6bn following a Goldman Sachs-run auction. Goldman Sachs, JP Morgan and Barclays provided debt for the transaction. The company had previously been owned by Cinven and MidOcean Partners, as well as PAI.

Company
KP Snacks is the Eastwood-based snacks division of British food company United Biscuits. Its brand portfolio includes Hula Hoops, Nik Naks, McCoy's Discos and Choc Dips. The unit has an annual turnover of £280m and employs 1,500 people.

People
Maarten Leerdam is executive chairman of Intersnack.

Adivsers
Equity – Goldman Sachs (M&A); Ernst & Young (Financial due diligence); McDermott Will & Emery (Legal).
Company – Centerview Partners (M&A).
Vendor – Credit Suisse (M&A); Freshfields Bruckhaus Deringer (Legal).

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