Germans nuts about KP as acquisition completed
KP has been sold by United Biscuits to German firm Intersnack.
German firm Intersnack has completed business negotiations to buy KP Snacks from United Biscuits for an undisclosed figure.
KP produces KP nuts, wheat Crunchies and Hula Hoops, with 1,500 employees and annual sales of £280 million.
Executive chairman of Intersnack Maartin Leerdam said: "We believe in the power of iconic, local hero brands and we aim to leverage these strengths for further expansion."
He added that the "long-term" development of the product range can be achieved using the "joint know-how" of the two companies.
United Biscuits chairman David Fish agreed, saying the KP business is an "excellent fit into Intersnack's existing operations".
The companies listed several merger and acquisition advisors and other expert firms who had been involved in helping to put the deal together.
It is the latest of several merger and acquisition deals in the food and drinks sector that have been completed in recent days.
Coca-Cola took a major share this week in Select Milk Producers as it moves into the milk-based energy drinks market, with the new organisation making the Core Power high protein milk shake brand.