Canadian Fund to Buy Wagon Wheels Maker Burton’s Biscuit
Ontario Teachers’ Pension Plan agreed to buy U.K. cookie maker Burton’s Biscuit Co., gaining brands including Jammie Dodgers and Wagon Wheels.
The purchase price is about 350 million pounds ($564 million), according to two people familiar with the matter, who asked not to be named because the amount is confidential.
The acquisition from Canadian Imperial Bank of Commerce and funds managed by affiliates of Apollo Global Management LLC resulted from a competitive bidding process, the pension-fund manager said today in a statement.
Burton’s management will maintain “a significant minority stake” in the St Albans, England-based company, which employs more than 2,000 people and has annual sales exceeding 340 million pounds. The food maker’s brands also include Maryland Cookies and Lyons.
Ontario Teachers’ Pension Plan is the largest single-profession pension plan in Canada with net assets of C$129.5 billion ($124.3 billion) as of the end of 2012. The fund agreed to acquire U.K. childcare provider Busy Bees Nursery Group last month and has European investments that also include Camelot Group Plc, operator of the U.K. National Lottery.
A spokeswoman for Ontario Teachers’ Pension Plan didn’t immediately return a call and e-mail outside of normal business hours.
To contact the editor responsible for this story: Celeste Perri at firstname.lastname@example.org