Orangina Owners Reunite For £1bn Ribena Tilt

By Mark Kleinman, City Editor

The former owners of Orangina have reunited for a £1bn-plus tilt at Lucozade and Ribena, two of the biggest brands in Britain's beverages market.

Sky News understands that Blackstone and Lion Capital, two private equity firms, have joined forces to submit a formal offer for the two soft drinks, which have been put up for sale by GlaxoSmithKline, the FTSE-100 pharmaceuticals manufacturer.

Blackstone and Lion, which have hired bankers at Rothschild to advise on their bid, have enjoyed previous success in the sector.

In 2005, they acquired the European beverages division of Cadbury-Schweppes, selling it four years later to Suntory, the Japanese food and drink producer, for roughly £1.5bn.

Suntory, which is one of the world's largest soft drinks producers, is one of the rival bidders to Blackstone and Lion in the current auction.

Other buyout firms, such as Bain Capital, CVC Capital Partners, KKR and Onex, a Canadian fund, are among those also considering offers.

The auction of Lucozade and Ribena comes at a time of potential change in the UK soft drinks market.

Britvic and AG Barr, which makes Irn-Bru, recently saw their merger approved by competition authorities.

However, there is scepticism about whether the deal will ultimately happen because of the shifts in the relative shifts in the value of the two companies since it was conceived.

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