LONDON — Blackstone Group L.P. and PAI Partners, the private-equity owners of United Biscuits, have appointed Credit Suisse to separate the food company’s salty snack business from its other operations, according to an article in The Wall Street Journal.
Blackstone Group L.P. and PAI Partners tried unsuccessfully in 2010 to sell all of United Biscuits, but they came up short when a rumored deal with China’s Bright Food Group P.L.C. fell through.
United Biscuits’ snack business has about a dozen brands, including McCoy's potato chips, Hula Hoops, Mini Cheddars and KP nuts. The rest of the business, which accounts for about two-thirds of United Biscuits’ sales, includes biscuits and cakes.
Blackstone Group and PAI Partners acquired United Biscuits in October 2006 for more than $3 billion.