Hicks takes up Unilever brands

VENTURE capitalist Hicks Muse Tate and Furst is paying more than £105m for Unilever's Ambrosia and Brown & Polson desserts in a move that will see the famous brands line up next to Sun-Pat peanut butter.

Hicks Muse is buying the businesses to add to the brands in its Premier Foods portfolio, which is being built up thanks to the so-called 'Procter & Gambleisation' of the big food companies, whereby they are selling off thousands of smaller brands in their portfolios.

Premier was mostly formed by last year's acquisition of a host of products, including Branston Pickle from Nestle. Brown & Polson's range includes cornflower blancmange powder and quick setting jelly.

Unilever is in the final year of its four-year Path for Growth programme to cut thousands of brands and focus on 400 core ranges.