Baring Private Equity Asia has acquired a 40% stake in UK-based manufacturer of cereals and cereal bars, Weetabix Food Company.

 

Baring Asia will work in partnership with Bright Food, the controlling shareholder of Weetabix, to drive expansion in China. Bright Food is one of the largest state-owned food manufacturing companies in China. Terms of the transaction were not disclosed.

 

Weetabix is the largest breakfast cereal brand in the United Kingdom with a global footprint spanning Asia, Europe, the Middle East, North America and Africa. Its family of brands includes Weetabix, Alpen, Ready-brek, Weetos, Oatibix and Alpen cereal bars. Weetabix products are exported to 87 countries in Asia (including China), Europe and the Middle East.

 

Jean Eric Salata, founder and CEO of Baring Asia, comments: “Weetabix is an established and profitable brand in the UK, and is well positioned to take advantage of the strong consumer demand in China for high-quality and nutritious food products. We look forward to partnering with Bright Food, one of the largest food and beverage manufacturing companies in China and itsvast nationwide distribution network, to expand Weetabix in China.”

 

Giles Turrell, CEO of Weetabix, says: “We aim to become a globally recognized brand. With continued backing from Bright Food and this investment from Baring Asia, we now have an even greater opportunity to strengthen and expand the Weetabix brand internationally.”