Wessanen acquired in £737.2m takeover bid

By Gwen Ridler contact

- Last updated on GMT

Clipper Teas owner Wessanen has been acquired for £737.2m
Clipper Teas owner Wessanen has been acquired for £737.2m
Clipper Teas and Whole Earth owner Wessanen has accepted a takeover bid from private equity firm PAI Partners and Delta Partners co-founder Charles Jobson, in a deal worth €885m (£737.2m).

PAI and Jobson acquired 100% of the shares in the healthy foods manufacturer at a cost of €11.50 (£9.91) in cash per share, representing a premium of about 21% to the Wessanen closing share price on 13 March 2019. Upon completion of the offer, PAI will control 62% of shares and Charles Jobson 38%.

Commenting on the acquisition, Wessanen chief executive Christophe Barnouin said: “We want to remain at the forefront of making food healthier and more sustainable for the benefit of both consumers and the planet.

‘Longer-term horizon’

“PAI and Charles Jobson are fully supportive of our strategy and will bring a longer-term horizon and additional investments supporting the execution of our plans.Taking into account the interests of all stakeholders, the boards consider the offer to be in the best interest of Wessanen and we therefore fully support and recommend the offer.”

Gaëlle d’Engremont, partner at PAI, said the firm would use its experience in the food industry to accelerate Wessanen’s growth through further investment in its brands and workforce.

Potential to accelerate

Jobson added: “I have been following Wessanen closely and strongly believe in a bright future for all its stakeholders. As a private company, I believe Wessanen will have better potential to accelerate and continue to be at the forefront in the industry.

“Together with PAI, a long-term strategic partner, we will support Wessanen and its management in the execution of its strategic plans over the coming years.”

A draft offer memorandum will be submitted to the Netherlands Authority for the Financial Markets no later than early June with completion of the offer anticipated in the second half of 2019.

Meanwhile, we took a look inside Clipper Teas’ Beaminster site in Dorset in this exclusive photo gallery.

Related topics: Drinks

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