Burton’s Biscuit Company sold to Ontario Teachers’ Pension Plan
The UK’s number two biscuit firm, behind United Biscuits, was snapped up by the Canadian pension fund from current owners Canadian Imperial Bank of Commerce and US private equity firm Apollo Global Management for an undisclosed fee. Previous reports have estimated the purchase price at around £350m ($565m).
Ontario Teachers’ Pension Plan (OTPP) is Canada’s largest single-profession pension plan with around $129.5 billion in net assets.
OTPP beats off other bidders
Burton’s said in a release that the business attracted multiple bidders from both private equity and trade companies.
Burton’s CEO Ben Clarke will continue in his role.
"We are delighted that OTPP 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,” he said.
Deal includes Cadbury license
Burton’s manufactures Maryland cookies, Jammie Dodgers and Wagon Wheels. It also produces Cadbury biscuits under licence.
The OTPP deal includes the entire Burton’s business including all rights under the Cadbury license as well as manufacturing plants in Blackpool, Edinburgh and Llantarnam as well as the firm’s chocolate refinery in Moreton.
Burton’s is headquartered in St. Albans, UK, and employs over 2,000 people.
The company has been up for sales since 2010 and has previously attracted the likes of Kellogg. Campbell Soup, China's Bright Foods and the Wahaha group.
The firm's salty snacks division was sold to Intersnack in 2010.
