KKR & Co. Inc. (NYSE:KKR) (Kohlberg Kravis Roberts) is understood to be in advanced talks with Freedom Foods Group Limited (ASX:FNP) about an acquisition of its cereals and snacks division. On December 16, 2020, Freedom said it was assessing options for its cereal and snacks division after a potential sale of the muesli bar business was flagged by DataRoom in October, 2020.

Sources earlier said Freedom Foods had approached potential buyers, likely to include groups such as The Uncle Tobys Company Pty Limited, Arnott's Biscuits Limited, Carman's and Australian Health and Nutrition Association Ltd. (Sanitarium). Freedom added on December 16, 2020 that it was would embark on a $280 million capital raising likely to be in January, 2021 and would announce recapitalisation plans by mid-December, 2020. Advisory firm Moelis & Company, law firm Ashurst LLP and PwC are working with Freedom Foods.

It is understood that approaches have been received not only by special situation funds for Freedom Foods, but also industry groups looking to buy assets.