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| Version 1 | Version 2 |
|---|---|
| Kettle Chip firm sold for £402.3m | Kettle Chip firm sold for £402.3m |
| (2 days later) | |
| The Norfolk-based UK arm of US firm Kettle Foods has been sold for £402.3m ($615m). | |
| UK production of the food was set up in Bowthorpe, Norwich, in 1992. The site now employs 407 people. | UK production of the food was set up in Bowthorpe, Norwich, in 1992. The site now employs 407 people. |
| A number of companies bid for the firm, previously owned by a private equity company Lion Capital, but San Francisco-based Diamond Foods won. | A number of companies bid for the firm, previously owned by a private equity company Lion Capital, but San Francisco-based Diamond Foods won. |
| Diamond Foods president Michael Mendes said he welcomed their talented team of employees to his organisation. | Diamond Foods president Michael Mendes said he welcomed their talented team of employees to his organisation. |
| The deal should be completed by the summer. | The deal should be completed by the summer. |
| 'Ideal partner' | 'Ideal partner' |
| Kettle Foods, which makes gourmet style crisps, nuts and tortilla chips, is based in Oregon, where it was founded in 1978. | Kettle Foods, which makes gourmet style crisps, nuts and tortilla chips, is based in Oregon, where it was founded in 1978. |
| Lion Capital bought the business in 2006 for about £170m as part of a drive to become the UK's second biggest snack company behind PepsiCo. | Lion Capital bought the business in 2006 for about £170m as part of a drive to become the UK's second biggest snack company behind PepsiCo. |
| It also owns brands such as Weetabix, Wagamama - and it has the Findus Group, the owner of the brands Findus, Young's and The Seafood Company, in its portfolio. | It also owns brands such as Weetabix, Wagamama - and it has the Findus Group, the owner of the brands Findus, Young's and The Seafood Company, in its portfolio. |
| Diamond Foods is best known in the US for its Emerald snack nuts and Pop Secret microwave popcorn. | Diamond Foods is best known in the US for its Emerald snack nuts and Pop Secret microwave popcorn. |
| It is believed several companies in the North American market made bids to Lion Capital. | It is believed several companies in the North American market made bids to Lion Capital. |
| United Biscuits, which owns McVitie's, Jacob's and Twiglets, is thought to have offered up to £200m for the UK part of the business. | United Biscuits, which owns McVitie's, Jacob's and Twiglets, is thought to have offered up to £200m for the UK part of the business. |
| Managing director of Kettle's UK business Jeremy Bradley said Diamond's record in the snack industry made it the "ideal partner". | Managing director of Kettle's UK business Jeremy Bradley said Diamond's record in the snack industry made it the "ideal partner". |
| It gives the US company a platform for growth in the UK and Europe, he added. | It gives the US company a platform for growth in the UK and Europe, he added. |