United Biscuits (UB), the fourth-largest biscuit company in the world and Europe's second biggest, has had to sweep a lot under the carpet. The company, which was taken private in 2000, had languished on the UK stock market with stagnant growth, discredited management and lacklustre performance.

However, since Finalrealm, a consortium of financial and industry investors that includes private equity firms PAI and Cinven, swept in with its €1.8bn ($2.1bn) takeover in 2000 – then the largest public-to-private transaction in Europe – UB has had a wake-up call. Management including Leslie Van de Walle, chief executive, and John Warren, finance director, stepped down and were replaced by outsiders. Malcolm Ritchie joined in September 2000 as chairman and chief executive; one advantage of being a private company is being able to combine these roles without corporate governance watchdogs throwing up their hands in horror. And, in January 2001, Ian Cray joined as chief financial and strategy officer.