The poker playing, sexagenarian, Californian billionaire, Alec Gores, believes his company, Gores Group, has grasped a ‘good hand’ when he purchased a major interest in Hovis from Premier Foods, according to this report..
Commenting on the transaction, Gavin Darby, Chief Executive Officer of Premier Foods, said, “This is exciting news for the Bread business and a great deal for Premier Foods. I’m delighted that we’ve found a strong partner in The Gores Group who will help provide the investment necessary to develop the Bread business. This will be good for our customers, our employees and all those connected with the business. A joint venture arrangement also means we will share in the future gains from this investment as the business continues its return to profitable growth, helping us maximise value creation. Both parties are excited by the opportunities this transaction brings. ”
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