Lion Capital to fully exit Weetabix

Bloomberg reports the stake would in turn be sold to Hong Kong-based Baring Private Equity, citing "people with knowledge of the matter".

Lion sold a 60% stake in the company to Bright Food in 2012 in a deal valuing the company at £1.2bn. The transaction meant the firm reportedly generated a 3x return on its initial investment, including several dividend payments.

At the time of the deal, it was anticipated Lion would generate a 5x return once Weetabix had been fully exited. The partial sale came shortly after the cereal producer restructured £900m of its debt.

The GP – then known as Hicks Muse Tate & Furst – took Weetabix private in 2004 in a deal that valued the business at £642m.

A spokesperson for Baring could not be reached prior to publication, while a spokesperson for Lion declined to comment.

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• Topics
• Exits
• Consumer
• UK / Ireland
• United Kingdom
• Lion Capital
• Baring Private Equity Partners