Intersnack, a privately held German company, is planning to bid for UK-based United Biscuits' snacks business, KP Snacks. The snacks business is valued at approximately £500m.
Intersnack is a leading producer of savory snacks in Europe, with annual revenues of €1.5bn. The company has a workforce of 6,000.
Recently, the owners of United Biscuits, Blackstone and PAI Partners, sent a sales document to potential buyers over the sale of the snacks business, reported Dow Jones Newswires citing a source familiar with the matter.
Potential buyers may include several European private equity groups; US food firms such as Kellogg, and Kraft Foods; and Chinese food companies such as Hanghzou Wahaha. Swiss financial services company Credit Suisse has been appointed to run the sale.
In August 2012, United Biscuits completed the separation of its snacks business from the rest of its operations, and appointed the former president of Kraft Foods UK/Ireland Nick Bunker as the new chief executive officer
The snacks division includes several brands such as McCoy's potato chips, Hula Hoops, Mini Cheddars and KP Nuts and has four factories in the UK, with a workforce of around 1,500.
The sale of the rest of the business, which represents nearly two-thirds of the company's sales, sells products including biscuits and cakes.
