Hula Hoops change hands in KP sell-off
Hula Hoops and KP Nuts are to have a new owner after United Biscuits, the company behind Penguin and McVities, agreed the sale of its KP Snacks business.
Hula Hoops: part of the KP Snacks range sold to Intersnack
KP Snacks, which houses the KP Nuts, Hula Hoops and McCoy’s brands, is being sold to German company Intersnack for an undisclosed sum. The transaction is expected to close during the first quarter of 2013.
United Biscuits split its UK business into two earlier this year, creating separate biscuits and snacks divisions in order to "provide improved service and innovation".
KP Snacks has an annual turnover of £280m and employs around 1,500 people. Its addition to Intersnack will give the German company expected annual sales of more than £1.7bn, with an 8,000 strong workforce.
Maarten Leerdam, executive chairman of Intersnack, said: "We are very pleased to be teaming up with KP Snacks, which represents a strong and highly complementary fit with the Intersnack family of leading businesses throughout Europe.
"Intersnack is a strong believer in the power of iconic, local hero brands, and we aim to leverage these strengths for further expansion. As a privately owned company, we operate our business with a long-term view. As such, the joint know-how of KP Snacks and Intersnack will drive the development of these iconic brands."Follow @loullamae_es
This article was first published on marketingmagazine.co.uk
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