NETHERLANDS - NPM-owned Neerlands Glorie to acquire United Biscuits?

The Dutch private equity firm would be part of a consortium which also includes listed food producers Kraft Foods and Premier foods. The reported intention would be to split the company following the acquisition, with US-based craft acquiring its Southern European activities. Market rumours suggest that the consortium is willing to pay EUR 3.36bn including debt, the equivalent of 8X EBITDA for the company.

The acquisition would signify an exit for current owners Cinven (30%), Mid Ocean Partners (15%) and PAI Partners (30%). It is understood that Goldman Sachs was mandated in February to investigate the possibilities for an exit.

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