Hong Kong-based Baring Private Equity Asia has acquired a 40% stake in Weetabix, the largest breakfast cereal brand in the UK for an undisclosed amount.

 

Following the closing of the deal, Baring will work in partnership with Bright Food Group, which controls the remaining 60% in Weetabix, to expand its reach into China.

 

Giles Turrell, chief executive of Weetabix commented, “We are an established leader in the UK breakfast cereal market with an 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.”

 

Indeed, the deal is announced in advance of Weetabix’ established plan to expand into the Chinese market.

 

Commenting upon the planned market expansion, Bright Food Group chairman, Yongjie Lv said, “We are delighted to be working with Baring Asia to execute on this strategy, benefitting from their sector experience in food and beverage, strong credentials in helping companies execute cross-border growth strategies, pan-Asia network and hands-on operational experience.”

 

Weetabix is the largest cereal brand in the UK with a presence in 87 countries across Asia, the EU, the Middle East, Africa, and North America. Its brands include Weetabix, Alpen, Ready-brek, Weetos, Oatibix, and Alpen cereal bars.