Glenboden M & A Originations
ALL "BAKERY AND GRAIN-BASED" LEADS
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Assessment of Raisio as an M&A candidate - Raisio's EBIT is down by nearly 75% in H1 2014, including one-off items which are inherent in Raisio's business model that's based on M&A activity. We believe that the group's strategy since 2009 of transformation into a modern business, through M&A and innovation, has not been successful. One scenario is for shareholders to sell to a private equity firm. Read More
Will Diamond be forced to sell Kettle potato chips ? - apparently under pressure to sell a jewel in its crown, Kettle chips. Should the group be forced into such a move, then at least the brand would attract Read More
Newlat appears above the parapet with Birkel deal - Newlat has now made its long-awaited step beyond its borders, by buying the legacy 'Birkel' brand in Germany. What kind of company is Newlat, and where might it acquire next ? 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
Premier should sell Hovis and rally with UB buy - Hovis is on Bimbo's M&A trajectory; that division is locked into a low valuation position; better option for Premier is to acquire United Biscuits 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
Is Intersnack a realistic buyer of United Biscuits' salty snacks ? - Intersnack is a serial acquiror of brands in Europe. Whether they have the business culture or the financial means to pay the necessary hefty price is 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 Kellogg's best placed to buy United Biscuits' salty snacks ? - We examine the split's rationale, valuation and potential acquirers. 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
Kallo Foods an acquisition target as Wessanen downsizes - If Wessanen's pure-play organic bet doesn't work, then one interesting asset in 'new frontier' Read More
What next for Grupo Bimbo after Sara Lee NAFB deal ? - we look at that deal from Bimbo's perspective, and ask if the acquisition of Sara Lee's International 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
Premier could sell Hovis to fund UB acquisition - portfolio re-shuffle a la Danone or Kraft; sell its low -margin 'Hovis' bread business, and buy the higher -margin UB Read More
Potential buyers for United Biscuits - examine selected potential acquirers, for whom UB would be an adjacent diversification into higher -margin categories and/or Read More
Who could acquire Sara Lee's International Bakery business ? - focus on selling the group's International Bakery business, which is more non -core, worse -performing and more likely to find a premium buyer Read More
Will Ebro Puleva buy 'Uncle Ben's' ? - we've experienced a lot of website traffic, from Spain, focused on our 2008 lead that Ebro Puleva might acquire the 'Uncle Ben's' brand from 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
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
Potential acquirors for Sara Lee’s international bakery business - an easier business to divest would be its international bakery division, which is smaller, more of a drag on profitability and in a category with a number of international buyers Read More
Selected acquisition candidates in grocery products for a strong and growing ABF - ABF has a strong balance sheet, and likes to acquire complementary businesses. Given difficulties faced by many of ABF’s peers, we foresee at least one high profile deal in the next few months. Read More
Mexico's Grupo Bimbo emerges as bakery leader in the Americas after Weston acquisition - We should anticipate further north American consolidation plays driven by Bimbo, in the next year; also there’s potential for a big cross –Atlantic tie-up. Read More
Lotus teed up as European bakery consolidation target after Nordic acquisition - Lotus’s purchase spotlights its building of a European portfolio of high –growth brands. This makes it an attractive acquisition candidate for Lantmannen, Aryzta and potentially Kraft. Read More
Spain’s Ebro Puleva released for rice /pasta buys after sale of sugar business to ABF - ‘Going with the grain’, the cash from this divestment will allow the group to focus on further acquisitions, in branded rice and pasta. One prediction is that the group will bid for Uncle Ben’s Read More
Lantmannen set for more frozen bakery acquisitions after non–core divestment - Expect to see more acquisitions in that category, by Lantmannen, in its surge to become Europe’s no.1 producer. We identify some of the candidates, and assess the group’s main rival in that race, Aryzta. Read More
Still a lot of downsizing divestments to come from Kraft - Combining that with a glance at Kraft's portfolio, it’s clear that there’s a lot more downsizing potential. We try to identify for you the categories that will be targeted. Read More
Bakery products are hot for M&A with Aryzta as consolidator - This merger, to create Europe’s biggest premium baked goods business, gives a signal that the consolidation story in bakery products still has some way to go. We identify specific candidates. Read More
Finsbury acquisitions in UK : is gluten- free the next sugar-free ? - One should defininitely anticipate more deals with this profile, gluten -free with medical prescription channel twist, in the UK and other developed markets. Read More
Vivartia set to take off with string of acquisitions in bakery snacks - This deal marks Vivartia's fourth major acquisition in the space of a year. Anticipate more deals, especially in bakery snacks globally; also in frozen foods and dairy products in south-east Europe. Read More
Barilla to face problems finding buyers for the retail bakery side of Kamps - Given the proximity nature of the fresh bread retail business, it’s likely that Barilla will sell cheaply to local investors, perhaps even the franchisees. Read More
Proposed sale of Kamps by Barilla highlights dangers of branded fresh bakery - How big a loss will Barilla make, if it sells the business now; maybe 1 bln Euro ? They should hold onto it for now; stick with their earlier plan of taking it public in 2010. Read More
Kellogg finally re-enters M&A game with bold move in Russia - Like other US giants notably Wrigley, Kellogg has chosen Russia as the stage for their big strategic play. One can anticipate that this is not the last acquisition they will make, during this cycle. Read More
Who will buy Folgers and Pringles from Procter & Gamble ? - At an EBITDA multiple of e.g. 12, we’re looking at a valuation of the combined businesses of $7 bln. However, in the currently climate this number may be hard to achieve, and P&G might have to settle for a lower figure Read More
Glisten continues its acquisition drive with Dormen premium snacks deal - Glisten provides a lesson in how to adapt quickly to changes in consumer demand, towards a ‘better for you’ snacks portfolio. Anticipate more acquisitions from Glisten, with a similar theme to that of Dormen, in the Read More
Kraft’s acquisition of LU gives critical mass for secondary snacks purchases - After this deal, biscuits represent more than 20% of Kraft’s sales revenue, and the global footprint will grow to 20 core markets. Kraft will now be poised to make more acquisitions in biscuits; but only brands with gl Read More
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