M&A Deal Summary

Cinven and MidOcean Partners Acquire United Biscuits

On April 1, 2000, private equity firms Cinven and MidOcean Partners acquired food company United Biscuits for 2.9B EUR

Acquisition Highlights
  • This is Cinven’s 5th and MidOcean Partners’ 1st transaction in the Food sector.
  • This is Cinven’s 6th and MidOcean Partners’ largest (disclosed) transaction.
  • This is Cinven’s 61st and MidOcean Partners’ 1st transaction in the United Kingdom.
Investment Fate
  • United Biscuits was sold to a consortium of financial buyers in 2006 for 3.5B USD.
  • United Biscuits was sold to a strategic buyer in 2014 for 2.0B GBP.

M&A Deal Summary

Date 2000-04-01
Target United Biscuits
Sector Food
Buyer(s) Cinven
MidOcean Partners
Deal Type Going Private
Deal Value 2.9B EUR

Target

United Biscuits

Middlesex, United Kingdom
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

Cinven

London, United Kingdom

Investor Investor Investor Investor Investor


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 82 of 184
Sector (Food) 5 of 6
Type (Going Private) 1 of 4
Country (United Kingdom) 61 of 87
Year (2000) 3 of 3
Size (of disclosed) 6 of 62
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-03-09 Hydron

Farnborough, United States

Hydron Limited designed and manufactured contact lenses and was part of US multinational pharmaceuticals company Allergan Inc. Hydron was a profitable business involved in research and production of speciality lenses, a market that was well positioned for future growth.

Sell £38M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2000-07-01 Oxoid Holdings

Basingstoke, United Kingdom

Oxoid Holdings Limited was a leading, vertically integrated European microbiology business. The company developed, manufactured and distributed a range of high quality media cultures and related products required for microbiological diagnosis in the clinical, food and beverage industries worldwide. Oxoid was headquartered in Basingstoke, England where the majority of products were manufactured. There were also plants in Germany, Canada and Scotland.

Sell -
Buyer

MidOcean Partners

New York, New York, United States

Investor Investor Investor Investor Investor


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 2 of 60
Sector (Food) 1 of 4
Type (Going Private) 1 of 2
Country (United Kingdom) 1 of 3
Year (2000) 1 of 3
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-01-01 Prestige Consumer Healthcare

Tarrytown, New York, United States

Prestige Consumer Healthcare markets and distributes brand name over-the-counter medicines and household cleaning products throughout the US, Canada, Australia, and other select international markets. Prestige Consumer was founded in 1996 and is based in Tarrytown, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2000-05-01 Jostens

Minneapolis, Minnesota, United States

Jostens is a producer of school-related affinity products, including yearbooks, class rings, announcements and accessories, diplomas, caps and gowns and school photography. Jostens' products celebrate important moments and recognize achievements in high schools, colleges and middle schools and the Company is also a leading provider of products to athletic chmiampions and their fans.

Buy -