OTPP Plans to Acquire Burton’s Biscuit Company
Ontario Teachers’ Pension Plan (OTPP) announced its intentions early Monday morning to acquire Burton’s Biscuit Company, a Birmingham-based biscuit manufacturer.
The terms of the transaction are not being disclosed; however, OTPP states that Burton’s management will maintain a minority stake in the company. Teachers’ Private Capital, OTPP’s private equity arm headed by Jane Rowe, led the purchase from Canadian Imperial Bank of Commerce and affiliates of Apollo Global Management LLC after a competitive bidding process.
According to Burton’s website, the food producer is “the only major biscuit manufacturer in the UK to focus solely on biscuits.”
Jo Taylor, head of OTPP’s London office, had the following to say, “We look forward to supporting Burton’s outstanding management team to grow the business in the UK and further into overseas markets.” He also alluded to further investment in the region stating, “There are also many strategic acquisitions to consider in those territories that can enhance these ambitious growth plans.”
The Burton’s acquisition comes just a month after OTPP’s purchase of Busy Bees, a British nursery chain.
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