Unilever’s PG Tips and other black tea businesses receive a shortlist of bidders in an auction.
One of their bidders is Advent International, a global private equity firm that focuses on buying or buyouts of companies. Companies which are in Central and Western Europe, North America, Asia, and Latin America as well.
The firm has already invested $56 billion in private equity capital and completed 375 transactions in 42 countries through its buyout programs.
Now, they are looking to buy out Unilever’s black tea brands by teaming up with Singapore’s Government Investment Corporation. They plan to make an astonishing £4 billion joint offer.
According to Alan Jope, Unilever’s Chief Executive, they are seeking to sell or spin off its tea unit. This includes the famous tea brands like PG Tips and Lipton tea due to the sluggish sales growth globally.
Last January 2020 a strategic review was held and the disposal will likely be completed not until 2022.
Unilever cleared that the auction does not include their operations in India or Indonesia and their ready-to-drink tea segment.