Cereal firm Weetabix sold to American giant for £1.4bn
Cereal company Weetabix has been bought out of Chinese ownership following a £1.4bn swoop by US consumer giant Post Holdings. The household staple has been sold by the Bright Food Group and an investment fund advised by Baring Private Equity Asia after they struggled to push the brand into China.
Weetabix, which also owns Alpen, Weetos and Ready Brek, employs 1,800 staff and secured revenues of $513m (£409m) and earnings of $148m (£120m) for the year to the end of December 2016.
Rob Vitale, the president and chief executive of Post, said the deal would bring exciting growth opportunities for the firm.