Chinese firm acquires majority stake in Weetabix
By John Reynolds, marketingmagazine.co.uk, Thursday, 03 May 2012 04:50PM
China's state-owned Bright Food company has taken a controlling interest in Weetabix, as the breakfast cereal gears up for a push in the Far East.
Bright Food announced today (4 May) that it had acquired a 60% majority stake in the Weetabix Food Company.
The deal values the Weetabix business at £1.2bn.
As part of the deal, Bright Food has also acquired the Weetabix sister brands, Alpen and Ready Brek.
The Northamptonshire-based company was family-owned until 2004, when it was acquired by Lion Capital.
According to Nielsen, Weetabix is the top-selling cereal brand in the UK.
In 2011, it registered sales of £135.1m, up 10.2% on the year, ahead of Kellogg's Special K with sales of £119.4m.
Lyndon Lea, a partner at Lion Capital, said: "We are excited to continue our journey with the Weetabix brand, which has been an enormously successful investment, as we extend the business into China in partnership with Bright Food."Follow John Reynolds on Twitter @johnreynolds10
This article was first published on marketingmagazine.co.uk
- PR Assistant / Junior PR Account Executive AF Selection £15,000 - £17,000 depending on experience, Nottingham, Nottinghamshire
- ACCOUNT DIRECTOR for Brand Agency - FREELANCE Royds Raphael Day rate c£275-£300, London (Central), London (Greater)
- ACCOUNT MANAGER - Branding Agency - FREELANCE Royds Raphael c£150-£170+ day rate depending on experience , London (Central), London (Greater)
- Brand Strategist / Planner - FREELANCE Royds Raphael £350-£450 day rate, London (Central), London (Greater)
- BUSINESS DEVELOPMENT MANAGER - Brand Comms Agency Royds Raphael £35K-£50K+bonus+bens, London (Central), London (Greater)
- ZenithOptimedia loses £200m O2 business to Havas Media without a pitch
- Doctor Who online game gets kids coding
- Philips launches juicer video campaign with Louis Smith
- Currys PC World launches brand campaign ahead of Christmas
- Argos releases second ad in its latest strategy
- A JWT tribute to its Oxo mum: Lynda Bellingham