Yildiz Holding acquired United Biscuits from private equity firms Blackstone and PAI Partners. This transaction created the world's third-largest biscuit manufacturer. The strategic rationale was highly complementary: UB provided market dominance in the UK and Europe, regions where Yildiz had minimal presence, while Yildiz offered UB access to its strong distribution networks in North America, the Middle East, and Asia. The deal marked a successful exit for the private equity owners, who had held the asset since 2006 and had previously sold the salty snacks division (KP Snacks) to Intersnack.

UNITED BISCUITS (UB), which reported an EBITDA margin of LOGIN in 2013, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a level LOGIN the 10.1x average currently observed in the AgriFood sector.

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