Brakes Group
As reported in 2002: "Brake Brothers, Britain's largest distributor of frozen food to restaurants, was yesterday snapped up in a deal that will net the families of the three founding brothers more than £80m each. Clayton, Dubilier & Rice, a US-based private equity firm, is paying 825p a share, or £434m, and taking on Brake Brothers' £178m of debt. The family, which owns 58pc of the company, has accepted the offer and the board yesterday recommended it to shareholders.
"The decision came as a shock to South Africa's Bidvest Group, the second largest player in the British market and Brake Brothers' most likely suitor. The rival company made its intentions clear with a formal submission to the Office of Fair Trading for merger clearance on April 8.... But the 68-year-old chairman Frank Brake, whose decision to retire precipitated the sale of the business, yesterday indicated that the deal was effectively done."" [1]
Board
Accessed June 2012: [2]
Contact
Web: http://www.brakesgroup.com
Resources and articles
Related Sourcewatch
References
- ↑ telegraph Brake Brothers sold to US investment firm, organizational web page, accessed June 20, 2012.
- ↑ Board, organizational web page, accessed June 20, 2012.
