Bright Food Group Co, a majority stakeholder in the popular UK cereal brand Weetabix, is looking to sell its 60 percent stake and hired Goldman Sachs Inc to sell the British company, which is valued at about 1 billion pounds ($1.24 billion), Reuters reported…Full Article: China Daily Dec 2016

Key Point

  • In January 2017, Bright Food’s sales process for Weetabix is rumored to begin.

ChinaAg Comments

  • In September 2015, Bright Food stated the company was not satisfied with the performance of Tnuva and believed its value was overstated.
  • In August 2015, Bright Foods stated it would Bacquire a 72% stake in Miquel Alimentacio at a price earnings ratio of approximately 10 (i.e. market price per share divided by annual EPS).
  • In February 2015, Bright Food Group was seeking to raise its stake in Tnuva to 70% for approximately US$1.29 billion by April 2015.
  • In 2015, Bright Foods acquired an additional 20.7% stake in Tnuva from Mivtach Shamir, an Israeli-based investment company.
  • In May 2014, Bright Food Group purchased a 56.1% stake (~US$2.5 billion) in Tnuva. Bright Food acquired the 56.1% stake in Tnuva from Apax Partners, a London-based private equity firm.
  • In November 2012, Bright Food Group purchased a 60% share of British Weetabix Food  Company from Lion Capital (private equity). At the time, China’s cereal market was purportedly growing 20% annually.
  • Established in 2006 and headquartered in Shanghai, Bright Food Group listed subsidiaries include Bright Dairy & Food (SHA:600597), Shanghai Jinfeng Wine, aka Shanghai First Provisions Store (SHA:600616), Shanghai Maling Aquarius (SHA:600073), and Bright Real Estate Group, aka Shanghai Haibo (SHA:600708).

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