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Germans gobble up KP Snacks for £397m

The maker of Hula Hoops and McCoy's was sold to the German snacks group behind Pom-Bear yesterday in a deal worth some $640m (£397m).

United Biscuits, which is owned by private-equity groups Blackstone and PAI Partners, sold KP Snacks – which also makes Space Raiders, Nik Naks, Skips, Discos, and Frisps – to Intersnack.

United said it will retain ownership of baked bagged snacks manufactured in its biscuit factories, including Mini Cheddars and Twiglets.

KP Snacks has an annual turnover of £280m and employs 1,500 people. The combined business will have revenues of more than £1.7bn and some 8,000 staff.

The UK is the biggest snacks market in Europe.