Reuters: Private Equity: RLPC-Dairy Crest attracts bids for St Hubert sale

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RLPC-Dairy Crest attracts bids for St Hubert sale Jun 8th 2012, 13:04 By Claire Ruckin LONDON, June 8 | Fri Jun 8, 2012 9:04am EDT LONDON, June 8 (Reuters) - Dairy Crest has attracted a number of potential buyers for the sale of its French branded spread business St Hubert which is expected to fetch around 300 million pounds ($467.30 million), banking sources said on Friday. The sale process, run by JP Morgan Cazanove, has attracted interest from both private equity and trade buyers and second round bids are due on June 25 after tentative bids for the company were received last month, banking sources said. Dairy Crest bought St Hubert, considered by analysts as the jewel in the company's crown, in 2007. It was unable to make additional deals in Continental Europe as it had earlier planned and a sale would reduce Diary Crest's debt and allow it to focus on its core UK business and make strategic deals in the UK. Private equity firms close to the process include Cinven, Montagu and PAI Partners, banking sources added. Dairy Crest, which also makes Clover spread, Country Life butter and Frijj, declined to comment. Bankers are preparing debt packages of around 200-220 million pounds to back any buyout, should it go to a private equity buyer. Debt is likely to be provided either through an all-senior leveraged loan structure or include mezzanine finance as well. Link this Share this Digg this Email Reprints

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