Turkish food firm Ulker Biskuvi Sanayi has purchased United Biscuits (UB) following weeks of speculation.
The company fought off competition from the likes of Kellogg's and Burton's Biscuits to secure the acquisition of UB. Private equity owners Blackstone and PAI Partners confirmed the deal between Yildiz Holding, the parent company of Ulker, and UB for an undisclosed fee.
Ulker has been making numerous purchases in recent years. The company announced a deal for premium chocolate business Godiva Chocolatier from Campbell Soup Company in an agreement worth $850 million (£523 million). It recently announced that it had managed to generate sales of 2.7 billion Turkish Lira (£755.5 million) in the year to December 31st, 2013, coupled with a pre-tax profit of 279.1 million Turkish Lira.
UB's sale brings an end to a long-running debate as to the future of the biscuit company. The firm, which is responsible for brands such as McVitie's and Jacob's, had been the subject of a number of bids from numerous companies. In September, US firm Kellogg's was touted as being favourite to win the race but it is Ulker that has come out on top.
Martin Glenn, chief executive officer of UB, said: "We look forward to being part of Yildiz as we continue to fulfil our growth potential both in the UK and abroad where we are looking to expand our share of the biscuit and snacking markets and where there is huge potential for all our brands."
UB is one of the biggest biscuit manufacturers and marketers across the UK and has a very large presence in the likes of the Netherlands, France, Belgium and Ireland. It owns and operates 16 manufacturing facilities across Europe with seven being situated in the UK.