Ex-Premier Foods boss to advise KKR on Lucozade and Ribena bid

According to Sky News, the appointment with KKR is his first UK role following his resignation from Premier Foods. If KKR is successful in its bid for GSK's drinks division, it could see Clarke taking up a seat on the board.

The appointment is likely to raise a few eyebrows in the City as Clarke's departure from the major UK food business came as a surprise, causing a 12% drop in the company's share price and many commentators pointing to the near-impossible asset disposal programme he was tackling as the trigger. Clarke left Warburg Pincus-backed Premier Foods at the start of this year after only 18 months in the job.

At the time of his exit, Clarke told reporters that he wanted to become CEO of a large corporation, and that now he had put Premier back on its feet it was time for someone else to take the lead. Indeed, while he was at the top, Premier Foods paid down its debt from £1.4bn to £973m, delivered four quarters of organic growth and an impressive £60m worth of cost savings ahead of plans. He expressed his interest in moving into a role where he would be focusing on growth rather than turnaround.

KKR declined to comment on the appointment.

GSK is believed to be disposing of its drinks division, which comprises well-known brands Lucozade and Ribena, to focus on its core consumer health operations. The pharmaceutical giant has brought in Greenhill and JP Morgan to advise on the deal.

According to reports, Blackstone and Lion Capital have teamed up to make a formal bid for the drinks division after they appointed Rothschild to advise.

Also believed to be in the running for the drinks brands are Permira, Bain Capital and CVC, as well as trade players Suntory and Nestlé.

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• Topics
• People
• Buyouts
• UK / Ireland
• KKR
• Warburg Pincus
• Blackstone Group
• Lion Capital
• Permira
• Bain Capital
• CVC Capital Partners