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The sale process is expected to start in January, less than five
years after the Chinese company agreed to take control of the
84-year-old business, said the sources.
The sale comes after Bright Food has struggled to crack the
Chinese market, where many consumers tend to eat hot breakfasts.
The overwhelming majority of Weetabix sales still come from its
slower-growth domestic market, where it remains a leading brand.
State-owned Bright Food agreed to buy a 60 percent stake in
Weetabix in 2012 from private equity firm Lion Capital, in a
deal that valued it at 1.2 billion pounds ($1.48 billion).
Baring Private Equity Asia subsequently bought Lion's remaining
stake in 2015.
The business has not grown significantly since then, the sources
said, estimating a similar price again based on current earnings
before interest, tax, depreciation and amortization (EBITDA) of
130 million pounds.
A Weetabix spokesman said the company does not comment on rumor
or speculation. Goldman also declined to comment, while Bright
Food and Baring were not immediately available outside of
regular business hours in Asia.
(Additional reporting by Saeed Azhar in Singapore; Editing by
Greg Mahlich)
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