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Ontario Teachers' Pension Plan (Teachers') has recently made
a string of UK acquisitions, just recently making its second major UK-based
acquisition in less than a month, with the £350 million purchase of Burton's
Biscuit Company from private equity owners Apollo Global Management and the
Canadian Imperial Bank of Commerce.
This highlights a trend that has marked out pension funds as serious players in consumer goods' sector acquisitions.
This highlights a trend that has marked out pension funds as serious players in consumer goods' sector acquisitions.
Burton's Biscuit Company, based in St Albans, Hertfordshire–
which counts Wagon Wheels and Jammie Dodgers amongst its top-selling products,
as well as Cadbury Fingers and other Cadbury biscuits made under licence – had
sales of more than $538 million last year. It is the UK’s second biggest
biscuit maker behind United Biscuits.
More than 30 potential buyers were circling the company when it came up for sale, with reports suggesting that Cadbury owner Mondelez International, and Pepperidge Farm biscuits owner Campbell Soup Co. were interested, but the winning bid was eventually made by Teachers' private equity arm. The existing Burtons' management team is to retain a “substantial minority stake” in the business, reports have confirmed.
Head of Teachers' London office, Jo Taylor, told The Guardian newspaper: “With its portfolio of iconic brands, Burton’s is set to lead the premium biscuit market for some time to come and use product innovation to appeal to consumers looking for delicious treats and snacks inside and outside the home."
"We look forward to supporting Burton's outstanding management team to grow the business in the UK and further into overseas markets. There are also many strategic acquisitions to consider in those territories that can enhance these ambitious growth plans," she added.
A few weeks prior to this latest acquisition, Teachers' snapped up the UK-based Busy Bees nursery chain, and is aiming to assist this organization to expand into other markets outside of Britain, just as it hopes to do with Burtons' Biscuits.
More than 30 potential buyers were circling the company when it came up for sale, with reports suggesting that Cadbury owner Mondelez International, and Pepperidge Farm biscuits owner Campbell Soup Co. were interested, but the winning bid was eventually made by Teachers' private equity arm. The existing Burtons' management team is to retain a “substantial minority stake” in the business, reports have confirmed.
Head of Teachers' London office, Jo Taylor, told The Guardian newspaper: “With its portfolio of iconic brands, Burton’s is set to lead the premium biscuit market for some time to come and use product innovation to appeal to consumers looking for delicious treats and snacks inside and outside the home."
"We look forward to supporting Burton's outstanding management team to grow the business in the UK and further into overseas markets. There are also many strategic acquisitions to consider in those territories that can enhance these ambitious growth plans," she added.
A few weeks prior to this latest acquisition, Teachers' snapped up the UK-based Busy Bees nursery chain, and is aiming to assist this organization to expand into other markets outside of Britain, just as it hopes to do with Burtons' Biscuits.
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