Brakes Group

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As reported in 2002: "Brake Brothers, Britain's largest distributor of frozen food to restaurants, was yesterday snapped up in a deal that will net the families of the three founding brothers more than £80m each. Clayton, Dubilier & Rice, a US-based private equity firm, is paying 825p a share, or £434m, and taking on Brake Brothers' £178m of debt. The family, which owns 58pc of the company, has accepted the offer and the board yesterday recommended it to shareholders.

"The decision came as a shock to South Africa's Bidvest Group, the second largest player in the British market and Brake Brothers' most likely suitor. The rival company made its intentions clear with a formal submission to the Office of Fair Trading for merger clearance on April 8.... But the 68-year-old chairman Frank Brake, whose decision to retire precipitated the sale of the business, yesterday indicated that the deal was effectively done."" [1]

Board

Accessed June 2012: [2]

Contact

Web: http://www.brakesgroup.com

Resources and articles

Related Sourcewatch

References

  1. telegraph Brake Brothers sold to US investment firm, organizational web page, accessed June 20, 2012.
  2. Board, organizational web page, accessed June 20, 2012.