US-based global investment firm Platinum Equity said it has entered into exclusive negotiations to acquire Biscuit International, the European manufacturer of private label sweet biscuits, from Qualium Investissement.
Financial details of the possible acquisition were not disclosed.
Biscuit International was created in 2016 by the merger of Groups Poult and Banketgroep and grew through the acquisitions of A&W Feinbackwaren in Germany, Northumbrian Fine Foods in the UK, Stroopwafel & Co and Aviateur in the Netherlands, and Arluy in Spain.
In September, Qualium was also reported to be in talks with UK-based private equity firm Towerbrook Capital for a possible acquisition. The report said Towerbrook plans to merge Biscuit International with UK-based supplier Fox’s Biscuits.
Headquartered in Paris, Biscuit International employs about 1,900 people and generated sales over 500 million euros ($551 million) during the last 12 months, of which approximately two-thirds comes outside France.
The company markets a wide range of products with a European or local presence, including traditional biscuits and a growing portfolio of products for consumers with specific dietary requirements.
“We support the company’s plan to continue expanding its offering and its international reach, both organically and through additional add-on investments,” said Platinum Equity Partner Louis Samson.
Platinum Equity, founded in 1995 by Tom Gores, is a global investment firm with more than $19 billion of assets under management and a portfolio of approximately 40 operating companies.
It specialises in mergers, acquisitions, and operations. Over the past 25 years, the firm has completed more than 250 acquisition.
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The proposed transaction involving Platinum and Qualium is subject to works council consultation, regulatory approval, and customary closing conditions.
“We are proud to have supported the development stages that have led Biscuit International to become a leader in the European private table biscuit market,” said Qualium Investissement President Jean Eichenlaub.
Qualium became the majority shareholder in the then French biscuit maker Biscuit Poult in 2014. – © BusinessNewsAsia.com