Ontario Teachers’ Pension Plan (Teachers’) has agreed to acquire Burton’s Biscuit Company from Canadian Imperial Bank of Commerce and Apollo Global Management. The acquisition of Burton’s is being led by Teachers’ private equity investment division, Teachers’ Private Capital (TPC). Burton’s management team will maintain a significant minority stake in the company. The transaction is expected to close prior to the end of November.
Burton’s Biscuit Company is a branded and private label supplier of biscuits and snacks. Brands include Maryland, Jammie Dodgers and Wagon Wheels. The company also bakes Cadbury biscuits under a license agreement. Recent annual sales were more than £340 million. Burton’s is headquartered in St. Albans, UK, and operates manufacturing sites in Blackpool, Edinburgh, Llantarnam, and a chocolate refinery in Moreton, employing over 2,000 people (www.burtonsbiscuits.com).
“We look forward to supporting Burton’s outstanding management team to grow the business in the UK and further into overseas markets. There are also many strategic acquisitions to consider in those territories that can enhance these ambitious growth plans,” said Jo Taylor, head of Teachers’ London office. “With its portfolio of iconic brands, Burton’s is set to lead the premium biscuit market for some time to come and use product innovation to appeal to consumers looking for delicious treats and snacks inside and outside the home.”
Teachers’ Private Capital is one of the world’s largest private equity investors, having participated as a long-term investor in numerous management buyouts in Canada, the United States and Europe. It is the private investment department of the Ontario Teachers’ Pension Plan, the largest single-profession pension plan in Canada. Teachers’ Private Capital is based in Toronto with offices in New York and London (www.teachersprivatecapital.com).
“We are delighted that Teachers’ will shortly acquire Burton’s Biscuit Company. During this process we have met with over 30 different potential buyers and, as significant co-investors going forward, it was critical for the management team to find the right partner,” said Ben Clarke, Burton’s CEO. “With their combination of extraordinary financial firepower, true partnership approach and global expertise, it is clear to me that
Teachers’ is the ideal partner for us. We are very excited about working with Jo Taylor and his team as we pursue our ambitious plans for growth both in the UK and internationally.”
© 2013 PEPD • Private Equity’s Leading News Magazine • 11-19-13
