Glenboden M & A Originations
HIGH PRIORITY LEADS
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Some acquisition targets for Nomad in US frozen foods - Earlier this month, Nomad Foods confirmed that it's looking to acquire 'neglected frozen foods brands' in the US market. There is a whole string of potential targets for Nomad; the key question is whether they can succeed in buying something that's genuinely been 'neglected', and not overpay for an asset in this environment. Read More
Who is Stock Spirits trying to acquire in central Europe ? - We present the case for Zwack Unicum being a priority acquisition target for Stock Spirits in CEE, even though Hungary is not the largest market in that region. Read More
A good time for Refresco Gerber's shareholders to exit - In the M&A world, such language is often code for 'trying to find a buyer'. Refresco's shareholder's see an opportunity to exit the business, on the back of strong post -merger performance Read More
Potential acquirors of Altia Corp in privatisation tender - We believe that the buyer is unlikely to be a global spirits & wine player; rather a Nordic -focused consumer brands group, or a private equity firm Read More
Shareholders should grasp the opportunity to sell TWE to KKR (pt. 2) - With a revised bid now valuing the company at x14 EBITDA, the case for cashing in is very compelling. But why the competing bid from another private equity group ? Read More
What's on the M&A cards for San Miguel Brewery ? - surely the bidder in question is Kirin Holdings. We examine the potential valuation of that deal, and the possible add-on consolidation of Read More
Bridgepoint's M&A rationale for Burton's after Polish biscuit buy - In secondary buy-outs it's very hard to predict the winner; but we think Bridgestone should figure, on the basis of its most-recent acquisition activity. Read More
Tyrrells deal - private equity is softer than corporate money - Investcorp is a Bahrain -based investment firm. Tyrrells is a differentiated 'hand cooked English crisps' brand, that ordinarily would be bought by the likes of Mondelez. So what happened ? Read More
Assessment of Van Pur as a divestment candidate in Poland - the transaction should attract the interest of 'second-tier' international beer groups. But how valuable is Van Pur, and why are the owners selling ? Read More
Is SABMiller overpaying for Kingway breweries in China ? - When we last reviewed this upcoming deal a year ago, we predicted a valuation for Kingway of only US$ 250 mln. Since then, sales and profitability have gone south, yet the valuation is vastly north Read More
Could Aryzta stretch to acquiring CSM Bakery Supplies ? - CSM plans to take the dramatic step of divesting its bakery division, which constitutes nearly 80% of group sales. We examine whether Aryzta could financially stretch itself enough Read More
Is Blackstone the best placed to acquire Iglo from Permira ? - We examine timing, valuation and likely buyers for BEIG, on a rationale basis Read More
Another low valuation in Mueller's bid for Robert Wiseman - Mueller is not an M&A 'animal', but the acquisition of Wiseman allows it to diversify its fresh dairy portfolio in the UK to resemble more its business in Read More
Will Skanemejerier become another bargain for Lactalis ? - that dairy group is an attractive asset, but we believe there's an element of opportunism. There's also a question mark over the status of ProViva Read More
Implications of strategic alliance between SABMiller and Anadolu Efes - SABMiller has surged back in front in M&A, through acquiring Foster's and now this alliance with Efes. We examine how this deal affects Read More
Is Belvedere about to undergo a debt for equity swap ? - Does the solution for Belvedere lie in brand sales, or rather a debt for equity swap and merger with its creditor and competitor Read More
Is Mueller the right strategic partner for Pepsico in US dairy ? - we question whether Mueller provides a sustainable solution for Pepsico in US dairy, and examine whether the real prize lies elsewhere Read More
Will Heinz acquire proximity ready foods player in Poland ? - Heinz is looking to boost growth in emerging markets, with Poland as an important geography. We look at the group's competitive Read More
Sara Lee sell-off continues with International Bakery unit - some predicted that the group's International Bakery business would be next on the block. We look at potential buyers and Read More
McCormick pays full price for Poland's Kamis - We comment on the buyer's rationale, the competitive context for Kamis in Poland, and the valuation on a comparative Read More
Rationale for Lactalis' acquisition of Parmalat - having made about 15 deals in the last five years. We look at the rationale for buying Parmalat, and assess whether the takeover could Read More
Is Pepsico wise to buy Wimm-Bill-Dann in Russia ? - why is Pepsico, with its DNA of high profitability, buying Wimm-Bill-Dann, Russia's largest dairy Read More
Constellation sells another chunk of itself to reduce debt - Constellation Brands has sold another asset, constituting 30% of total sales, cheaply. We ask whether the group's poor M&A history is to blame for Read More
What does Wimm-Bill-Dann acquisition say about Pepsico ? - the group has entered the dairy sector, at a time when other food giants are avoiding it. Plus Read More
Lactalis or Asian group could acquire Yoplait - it looks like a strong legacy brand for which the highest bids might come from Lactalis and from determined shoppers from Read More
What does sale of Fresh Bakery in US say about Sara Lee ? - Sara Lee's revenues will have shrunk by 33% in two years. We try to unravel the rationale and understand the trajectory Read More
How serious is Campbell Soup about buying United Biscuits ? - UB would bring a needed growth boost to Campbell, in categories in which it has enjoyed success recently in north America. But the group's business model and strategy appear Read More
What's a fair value for the rice business of SOS ? - By looking at the fundamentals of that business, we suggest a fair value. We also look at potential buyers, focusing on Read More
Predicted outcome of confectionery consolidation in Poland - ramifications of the Kraft - Cadbury merger, as well as the sale of Mieszko by its new Read More
Should ABF acquire the rice business of troubled Grupo SOS ? - SOS Arroz could provide ABF with a well -priced opportunity in an adjacent business, attractive underlying Read More
Bongrain-Sodiaal tipped to consolidate and split Entremont dairy - This will be a positive step to consolidating the French cheese sector. We believe that Bongrain-Sodiaal will be the winner; Lactalis provoking too much opposition and overlap. Read More
Russian baby food champion Nutritek looks vulnerable owing to funding difficulties - Nutritek is still a hot property, that might now become available owing to the liquidity problems which have accompanied its expansion. Read More
Potential buyers for the business units of Slovenian food group Droga Kolinska - The brand in DK’s portfolio that might be orphaned, in the event of a split-up of the group between Nestle and Pepsico, is its tinned pate unit ‘Argeta’. Read More
ABF is strategically poised to acquire Wessanen’s branded business - ABF is a very appropriate buyer for the group’s branded business; (i) both groups are focused on building a portfolio of authentic ethnic premium foods, and (ii) both of them are focused on western Europe and the USA, Read More
Belvedere spirits group’s best rescue option could be acquisition by Bacardi - The timing is still favourable for the group to be sold outright. Valuations for premium spirits brands are still high, which might not be the case if the consumer trades down in 2009. Read More
Wessanen's latest dairy alternatives buy points to its vulnerability as an M&A target - Wessannen’s bold strategy of transforming itself from a private label supplier, to a new-frontier branded producer, is at best delayed and possibly stagnating. Read More
New JV in India signals greater internationalization for Hershey - This deal in India brings Hershey into the limelight as potentially making a breakthrough into being a truly international business. If so, then we can expect further JVs of this kind by Hershey, or even bolder moves to Read More
Wessanen adopts risky branded strategy by divesting key private label businesses - In theory, it makes sense for Wessanen to sell its old private label businesses, and invest the money in building up its premium-authentic and health foods divisions. However, the groups branded strategy is ambitious at Read More
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