11 July, 2017
US group completes Weetabix takeover
US cereal maker Post Holdings has completed its £1.4bn acquisition of Weetabix.
The company confirmed news of the transaction in April following months of media speculation after former owner Bright Food put Weetabix up for sale earlier in the year.
The deal completed yesterday (3 July 2017) and was partially funded by a $1bn incremental term loan facility.
Weetabix was established in 1932 and its portfolio comprises the Weetabix brand, Alpen, Ready Brek and Weetos.
Its director of marketing Sally Abbott will now become managing director of Weetabix UK and Ireland. Giles Turrell, the current chief executive, will step into the role of Weetabix chairman.
Post Holdings is listed on New York Stock Exchange.
Source: Insider Media