Shanghai-based food conglomerate Bright Food Group Co has confirmed it will sell the majority of its stake in UK cereal brand Weetabix to U.S. cereal company Post Holdings, the group’s spokesman told China Daily on Tuesday [18 April 2017]. The sale is projected to be worth $1.76 billion, according to Reuters. Bright Food will remain as a stakeholder in the brand and continue to help it expand in the Chinese market, according to the company…Full Article: ECNS.cn Apr 2017
- In 2015, the UK accounted for 80% of Weetabix’s sales globally, while China was its third largest market.
- In December 2016, Bright Food Group was rumored to be interested in selling its 60% stake in Weetabix. At the time, the sales process for Weetabix was rumored to start in January 2017.
- 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).
Hong Kong Trends