By John Smith • 19 November 2021 • 12:09
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AVEZ VOUS UN CUPPA as PG Tips sold to European investors alongside 33 other tea brands owned by Unilever for £4.5 billion.
It seems that Britain is no longer a nation of tea drinkers as more and more people, especially the young, turn to coffee as their breakfast drink of choice.
Alert to this, Unilever which owns such household brands as PG Tips, Brooke Bond and Liptons through its ekaterra subsidiary announced on November 18 the sale to CVC Capital Partners Fund VIII.
ekaterra is the world’s leading Tea business, which generated revenues of around €2 billion in 2020 but Unilever want to invest and develop new brands in areas where they see growth such as plant-based food and higher priced skincare.
Completion of the transaction is subject to completion of works council consultation processes and the receipt of certain regulatory approvals. Completion is expected in the second half of 2022.
The transaction excludes Unilever’s Tea business in India, Nepal and Indonesia as well as Unilever’s interests in the Pepsi Lipton ready-to-drink Tea joint ventures and associated distribution businesses.
Alan Jope, CEO of Unilever said: “We are proud of the place that our Tea business has in our company’s history. We look forward to seeing ekaterra, with its strong brands and global footprint, prosper under CVC’s ownership.
“I would like to thank our Tea colleagues around the world for their passion and commitment to our Tea business and wish them well for the future.”
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.
Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.
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