Tea lovers are up in arms after PG Tips was sold to European bankers for £3.8 billion.
TEA drinkers are in a tizzy after PG Tips was sold for £3.8 billion to European bankers.
Unilever has agreed to sell its Ekaterra tea business to private equity firm CVC, which owns 34 brands including Lipton, Brooke Bond, and Red Label.
In the United Kingdom, an unprecedented private equity buying spree has occurred this year, causing concern among politicians and labor unions about job losses and debt.
CVC, a Luxembourg-based buyer with offices in London, previously owned F1 and is a part-owner of the RAC.
Its executives announced yesterday that their new Rotterdam-based company, the world’s largest tea manufacturer with 20,000 employees and operations in 21 countries, will accelerate growth.
Private equity firms, on the other hand, have come under fire for selling off the best parts of companies and leaving the rest in debt.
In the 1930s, PG Tips was established in the United Kingdom.
Ekaterra’s CEO, John Davison, described the company as “a strong business with an exciting future ahead of it.”
Call 0207 782 4104 or email [email protected]
07423 720 250 is our WhatsApp number.
We, too, pay for videos.
To add yours, go here.
For the next six weeks, get The Sun newspaper delivered for free by clicking here.