US billionaire Alec Gores eyes Premier Foods stake as Hovis owner struggles to overcome £1.3bn debt
A poker-playing Californian billionaire is poised to buy a slice of Hovis as owner Premier Foods courts outside investors to revitalise the bread brand.
Alec Gores, who heads US private equity firm Gores, is reported to be in talks with Premier Foods as the London-listed food business struggles to overcome a combined debt mountain and pension deficit of around £1.3billion.
The company ran into difficulty after a takeover spree that left it with an overstretched balance sheet in the midst of the global financial crisis.
Pole position: Alec Gores is poised to buy a slice of Premier Foods
The owner of Mr Kipling and Oxo has received several offers from investors about a deal to inject millions of pounds into Hovis.
Gores has emerged in pole position, with turnaround specialist Sun European Partners and private equity house PAI Partners also thought to have bid.
Hovis employs about 4,000 people and has been making flour and bread for more than a century.
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