Ontario Teachers' Pension Plan has inked a deal to acquire UK-based biscuit manufacturer Burton's Biscuits for an undisclosed amount.
Burton's is owned by private equity group Apollo Global Management and Canadian Imperial Bank of Commerce (CIBC).
The company offers brands, including Wagon Wheels, Cadbury's Fingers and Jammie Dodgers. In the recent 12-month period, it reported sales of £342m.
The takeover resulted from a bidding process, and is being led by Teachers' private equity investment division, Teachers' Private Capital (TPC). It is expected to be completed prior to the end of this month.
Teachers' London office head Jo Taylor said, "We look forward to supporting Burton's outstanding management team to grow the business in the UK and further into overseas markets."
Burton's CEO Ben Clarke said, "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."
