Member Article

Chinese firm buys Weetabix

A Chinese food and drink business have purchased a controlling stake in Weetabix.

Bright Food have taken a 60% stake in the cereal manufacturer, who also owns Alpen and Ready Brek, in a deal valuing the company at £1.2 billion.

Bright Food chairman Zongnan Wang said: “With Bright Food’s strong resources and our expertise in both the Chinese and broader international markets, we are excellently placed to develop the Weetabix business.”

Weetabix was a family-owned firm until 2004, when it was purchased by Lion Capital. The firm’s trademark cereal accounts for 7% of UK cereal sales.

In 2011, Bright Food had revenues of $12.2. billion, and this latest deal is the largest ever done by a Chinese company in the food and drink business.

This was posted in Bdaily's Members' News section by Ruth Mitchell .