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. ”
The Global Miller
This blog is maintained by The Global Miller staff and is supported by the magazine GFMT which is published by Perendale Publishers Limited.
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