The Ontario Teachers’ Pension Plan has agreed to acquire Burton’s Biscuit Company, a major player in the UK biscuit market, the pension says.
The deal is expected to close by the end of November.
The terms of the transaction aren’t being released and Burton’s management will maintain a significant minority stake in the company. The pension is buying the baker from CIBC and funds managed by affiliates of Apollo Global Management. The Teachers’ private equity investment division, Teachers’ Private Capital, bid on the cookie maker, beating out more than 30 other potential buyers.
Burton’s is the only major biscuit manufacturer in the UK to focus solely on biscuits, and it’s the second-largest biscuit supplier in the region. The company employs over 2,000 people around the UK. Recent annual sales were more than £340 million.
It has some of the best-known brands in the UK biscuit market including Cadbury Fingers, Maryland Cookies, Jammie Dodgers, Wagon Wheels and Lyons.
Teachers’ private capital manages a global portfolio valued at approximately $12 billion, of a total $129.5 billion in net assets as of last year.