Blackstone, CVC capital or Permira.

The advantage that private equity firms have had over established food and drink companies when it came to making acquisitions may be coming to an end due to credit crunch caused by the recent turmoil on the world markets, according to the UK's Daily Telegraph. The inexpensive debt used to finance privateequity led buyouts has disappeared in recent weeks, said the newspaper, meaning that cash-rich companies looking to make strategic investments now faced less chance of being outbid by the likes of Blackstone, CVC Capital or Permira, which in past have snapped up Cadbury Schweppes' European soft drinks arm and in the food sector Unilever's frozen food business, among others. The auction of the U.S. drinks arm of Cadbury Schweppes is one transactions to be held up, with the interested private equity groups possibly unable to raise the necessary finance. While Cadbury had been hoping to fetch up to [pounds sterling]8 billion for the business, with Blackstone the favorite to buy it. This now looks increasingly unlikely, and the unit could be de-merged instead.