Blackstone and PAI Partners agree sale of United Biscuits to Yildiz Holding

Private equity funds managed by Blackstone (“Blackstone”) and PAI Partners (“PAI”) announce the sale of United Biscuits (“UB” or “the Company”), a leading international manufacturer of biscuits, to Yildiz Holding ("Yildiz").

UB is a leading manufacturer and marketer of biscuits in the UK and second largest in the Netherlands, France, Belgium and Ireland. Among UB’s popular brand names are McVitie’s, Penguin, go ahead!, McVitie’s Jaffa Cakes, Jacob’s, Jacob’s Cream Crackers, Twiglets, Mini Cheddars and Carr's in the UK, and BN, Delacre, Verkade and Sultana in Continental Europe. UB owns and operates 16 manufacturing facilities of which seven are in the UK.

Lionel Assant, European Head of Private Equity at Blackstone, said: "United Biscuits is a great business and has been an excellent investment for us. Yildiz is the best home for the company and will allow UB to fulfil its international growth ambitions. I would like to thank United Biscuits' management team for the way in which they have led the company and wish UB well under new ownership." Frédéric Stévenin, Partner at PAI Partners, commented: “United Biscuits is an iconic business with leading global brands. We are very proud to have been part of its development and wish everyone at the Company continued successes over the years ahead.” Commenting on the sale, Martin Glenn, CEO of United Biscuits, said: “We look forward to being part of Yildiz as we continue to fulfil our growth potential both in the UK and abroad where we are looking to expand our share of the biscuit and snacking markets and where there is huge potential for all our brands. I would like to thank Blackstone and PAI for their support. They have been instrumental in helping grow the company over the last few years.”

Closing is expected shortly. Goldman Sachs and JP Morgan acted as advisors to Blackstone and PAI. Centerview Partners acted as advisors to UB.

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