PRINT THIS PAGE US Hicks Muse acquires Weetabix in £642m deal19/11/2003. Source: AltAssets. 
 US private equity firm Hicks, Muse, Tate & Furst is to acquire UK breakfast cereal manufacturer Weetabix in a £642m take-private transaction.
‘We are delighted with the opportunity to acquire Weetabix. This transaction continues our initiative of a focused investment strategy in the food manufacturing sector,’ said Lyndon Lea, a partner in Hicks Muse. ‘We are keen to support the continued development of these iconic brands respecting their heritage and enabling Weetabix and its employees to thrive under our ownership.’
Hicks, Muse has already invested in a wide range of foods manufacturers including Premier foods, whose brands include Crosse & Blackwell, Branston Pickle, Hartleys jam, Gales honey and Sun-Pat peanut butter. Earlier this month the firm made a bolt-on acquisition to the portfolio company when it bought the Ambrosia and Brown & Polson units of Unilever in a deal worth E105m.
Weetabix, which owns the Alpen, Weetos and Ready Brek brands, said that the sale was ‘a very good deal for our shareholders and employees.’ Weetabix currently holds a 14.2 per cent share of the UK cereals market.
Hicks, Muse sold another food manufacturer, Pinnacle Foods, to JP Morgan Partners in a $485m deal in August this year, realising a profit of more than $350m on its initial investment.
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