Cerealto Siro Foods, the Spanish cereal and biscuits manufacturer, has been linked with a move to find an investment partner.
Spanish news agency EFE said Cerealto had confirmed to it that it had four offers on the table and that the process of finding an investment partner is “very advanced”.
It reported that French private-label biscuit maker Biscuit International – which is owned by US investment firm Platinum Equity and owns businesses including Northumbrian Fine Foods in the UK and Stroopwafel & Co. in the Netherlands – is one of those to make an offer.
Mexican bakery giant Grupo Bimbo – which agreed a deal to buy one of Cerealto’s factories in Spain in February – has also been linked with making a move for the Spanish firm, which has a global workforce of 4,500.
EFE also said that Spanish peer Galletas Gullón had also made an offer but had withdrawn it due to likely competition law issues.
It remains unclear at this stage whether a full acquisition or an investment stake is what is being discussed.
When contacted by just food, neither Cerealto Siro or Biscuit International would comment on the reports.
EFE said that in parallel to the process of finding an investment partner, Cerealto is still negotiating with sovereign wealth fund Sociedad Estatal de Participaciones Industriales (SEPI), from which it has requested a loan of EUR90m (US$102m).
source https://d0llars.com/spains-cerealto-siro-linked-with-investment-partner-move/
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