Ontario Teachers’ Pension Plan has reached an agreement to acquire Burton’s Biscuit Co. for an undisclosed amount.
The U.K.-based company is being acquired from CIBC and Apollo Global Management. Burton’s management will maintain a significant minority stake in the cookie manufacturer.
Burton’s most recent annual sales were more than £340 million ($571 million), and some its best-known brands include Cadbury Fingers, Maryland Cookies, Jammie Dodgers, Wagon Wheels and Lyons.
“We look forward to supporting Burton’s outstanding management team to grow the business in the U.K. and further into overseas markets,” says Jo Taylor, head of Teachers’ London office. “There are also many strategic acquisitions to consider in those territories that can enhance these ambitious growth plans,”
The deal is expected is to close before the end of November.
The acquisition is the second in the U.K. for Teachers’ in as many months. Last month, it announced it was buying childcare provider Busy Bees Nursery Group.
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