Baring Private Equity Asia Acquires Stake in Weetabix for China Expansion
Baring Private Equity Asia has acquired a 40% stake in UK-based food manufacturer Weetabix Food Company. The deal aims to expand the company's presence in the Chinese market.
Private equity firm Baring Private Equity Asia announced in September 2015 its acquisition of a 40% stake in Weetabix Food Company, a UK-based manufacturer of cereals and cereal bars. The firm will partner with Weetabix's controlling shareholder, Chinese food group Bright Food, to drive expansion for Weetabix in China.
The terms of the transaction were not disclosed. Weetabix is the largest breakfast cereal brand in the United Kingdom and already possesses a significant global footprint, exporting its products to 87 countries, including China.
Jean Eric Salata, Founder and CEO of Baring Asia, stated that Weetabix is an established and profitable brand well-positioned to capitalize on China's strong consumer demand for high-quality, nutritious food products. He highlighted the collaboration with Bright Food to leverage its extensive distribution network.
Yongjie Lv, Chairman of Bright Food Group, expressed anticipation for introducing Weetabix to China, where consumers prioritize high-quality and established brands. Weetabix CEO Giles Turrell indicated that the investment would enhance the company's international growth strategy.