M&A Deal Summary

PAI Partners and The Blackstone Group Acquire United Biscuits

On October 25, 2006, private equity firms PAI Partners and The Blackstone Group acquired food company United Biscuits from Cinven and MidOcean Partners for 3.5B USD

Acquisition Highlights
  • This is PAI Partners’ 6th and The Blackstone Group’s 2nd transaction in the Food sector.
  • This is PAI Partners’ and The Blackstone Group’s 39th largest (disclosed) transaction.
  • This is PAI Partners’ 2nd and The Blackstone Group’s 9th transaction in the United Kingdom.
Investment Fate
  • United Biscuits was sold to a strategic buyer in 2014 for 2.0B GBP.

M&A Deal Summary

Date 2006-10-25
Target United Biscuits
Sector Food
Buyer(s) PAI Partners
The Blackstone Group
Sellers(s) Cinven
MidOcean Partners
Deal Type Secondary Buyout
Deal Value 3.5B USD

Target

United Biscuits

Middlesex, United Kingdom
website
United Biscuits is a European manufacturer and marketer of biscuits, snacks and nut products including major brands such as McVitie's Digestive, Penguin, Jaffa Cakes, Go Ahead! KP, Hula Hoops, Skips, BN, Verkade and Delacre.

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Buyer(S) 2

Buyer

PAI Partners

Paris, France

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1998
PE ASSETS 16.2B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

PAI Partners is a European private equity firm that makes controlling equity investments in buyout transactions valued in excess of €300 million. PAI is particularly interested in 'investing in consolidating sectors and in markets where growth can be sustained through economic and financial market cycles.' Sectors of interest include consumer retail, professional distribution, building materials, infrastructure and utilities, media, IT, communications, food, consumer goods, healthcare, chemicals, automotive, aeronautics, paper & packaging, electrical appliances, and household equipment (heating, air-conditioning, security). The firms invest in the range of €100 - €300 million transaction. PAI was formed in 1998 and is based in Paris with additional offices in Madrid, Milan, Munich, Luxembourg, Copenhagen, and London.


DEAL STATS #
Overall 26 of 90
Sector (Food) 6 of 18
Type (Secondary Buyout) 4 of 44
Country (United Kingdom) 2 of 14
Year (2006) 2 of 2
Size (of disclosed) 1 of 31
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-01 SPIE

Cergy-Pontoise, France

SPIE is a provider of multi-technical contracting services in France providing electrical, heating ventilation and air conditioning servicing and mechanical engineering to a wide range of end markets. SPIE was founded in 1900 and is based in Cergy-Pontoise, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-01 BMI Group

Reading, United Kingdom

BMI Group is a supplier of pitched roofing products. The company manufactures and sells a comprehensive range of concrete and clay tiles for pitched roofs, roofing components, and chimney systems, serving the new build and renovation segments for residential and nonresidential markets. BMI Group is based in Reading, United Kingdom.

Buy -
Buyer

The Blackstone Group

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 131.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Blackstone Group is a global alternative investment management firm. The Firm's investment activities span real estate, secondary investments, hedge funds, credit, infrastructure, and private equity. Blackstone's private equity group targets opportunities globally including buyout acquisitions of established companies, development projects, growth equity financings, and industry consolidations. Sectors of interest include automotive, healthcare, chemicals, industrial, commercial property, lodging, communications, media/publishing, consumer & retail, packaging, consumer products, pharmaceuticals, energy, technology, entertainment, telecommunications, financial services, theme parks, food & beverage, and transportation. Blackstone's private equity real estate group looks for opportunities across North/South America, Asia, Australia/New Zealand, and Europe. The real estate group will consider both equity and debt investments. Areas of interest include healthcare, hotel, industrial, office, residential, and retail. The Blackstone Group was formed in 1987 and is based in New York City.


DEAL STATS #
Overall 104 of 318
Sector (Food) 2 of 4
Type (Secondary Buyout) 10 of 72
Country (United Kingdom) 9 of 26
Year (2006) 14 of 16
Size (of disclosed) 39 of 166
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-01 Michaels

Irving, Texas, United States

Michaels is a retailer of arts, crafts, framing, home decor and seasonal products for hobbyists and DIY decorators. Michaels was formed in 1983 and is based in Irving, Texas.

Buy $6.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-19 Equity Office Properties Trust

Chicago,, Illinois, United States

Equity Office Properties Trust, a real estate investment trust (REIT), engages in the ownership, management, development, and operation of office properties in the United States.

Buy USD36.0B

Seller(S) 2

SELLER

Cinven

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1977
PE ASSETS 39.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Cinven is a private equity firm focused on buyout investments in growing, profitable businesses located throughout Europe and North America. Sectors of interest include business and financial services, healthcare, industrial, retail, leisure, consumer, technology, media, and telecommunications. Cinven looks to invest a minimum of €200 million in companies with minimum enterprise values of €400 million. Cinven does not invest in start-ups or development phase companies. Cinven was established in 1977 and is headquartered in London.


DEAL STATS #
Overall 74 of 124
Sector (Food) 5 of 5
Type (Secondary Buyout) 12 of 30
Country (United Kingdom) 57 of 72
Year (2006) 2 of 2
Size (of disclosed) 3 of 25
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-11 StayWell

Yardley, Pennsylvania, United States

Staywell is a health empowerment company that enables populations to improve health outcomes through the science of behavior change. Staywell was founded in 1978 and is headquartered in St. Paul, Minnesota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-01 Gondola Group

London, United Kingdom

Gondola Group Ltd. is a UK casual dining sector, operating PizzaExpress, Milano, ASK, Zizzi, BYRON and Kettners, together with a number of smaller brands.

Buy €1.3B
SELLER

MidOcean Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2003
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

MidOcean Partners is a private equity firm focused on acquiring controlling interests in middle-market companies throughout North America. The Firm has a preference for consumer and business services sectors including automotive, food/beverage, retail, consumer products, information services, infrastructure services, training and more. MidOcean seeks opportunities valued between $150 and $750 million where it can commit $75 to $300 million. In addition to investing equity, MidOcean also looks to provide flexible credit solutions as well. MidOcean Partners was formed in 2003 and is based in New York, New York.


DEAL STATS #
Overall 8 of 34
Sector (Food) 1 of 2
Type (Secondary Buyout) 2 of 10
Country (United Kingdom) 2 of 3
Year (2006) 3 of 4
Size (of disclosed) 1 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-19 Jenny Craig

Carlsbad, California, United States

Jenny Craig is a weight management services company. The Company provides consumers with a comprehensive weight management program that emphasizes personal support to help clients develop a healthy relationship with food, build an active lifestyle, and create a more balanced approach to living. Jenny Craig was founded in 1983 and is based in Carlsbad, California.

Sell $600M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-20 Thompson Publishing Group

Washington, District of Columbia, United States

Thompson Publishing Group is one of the foremost professional publishers of information on complex laws and regulatory mandates. With more than 350 publications and approximately 140,000 subscribers, Thompson serves professionals primarily in the human resource, healthcare and banking fields via subscription-based handbooks, newsletters, reference services, single-issue publications, and the internet.

Sell -