Weetabix has been acquired by US consumer group, Post Holdings for £1.4bn from Shanghai-based Bright Food and private equity firm Baring Private Equity Asia.
Post Holdings, which beat off competition from Nestle, PepsiCo and General Mills, is home to US cereal brands, including Grape Nuts, Golden Crisp, and Bran Flakes.
Weetabix's current director of marketing, Sally Abbott, will become managing director of Weetabix UK and Ireland, while Giles Turrell, Weetabix’s current chief executive, will take the new role of chairman of Weetabix.
The cereal company, which has operated since 1932, also controls the Alpen, Ready Brek and Weetos brands, amongst others.
Post Holdings stated that it expects to expand the Weetabix brand in North America.