Hicks, Muse, Tate & Furst, the US-based private equity house, has acquired a number of UK and Irish branded food businesses from Nestlé and is using them to build up its Premier International Foods business.

Hicks, Muse did not disclose the amount it spent on the acquisition, but the deal is thought to have valued the operations, collectively called the Nestlé Ambient Food Businesses, at up to £100m (€165m). This is equal to their turnover last year. Nestlé received investment banking advice from UBS Warburg.