Burtonís Biscuit Company sold

18 November, 2013

Burtonís Biscuit Company has been sold to a Canadian pension scheme for a sum believed to be in the region of £350m.

Burtonís said that ďthe sale process attracted interest from multiple high-quality bidders, including from a number of private equity houses and trade companiesĒ. However, it finally opted for Ontario Teachersí Pension Plan (OTPP), which has $129.5bn in net assets.

Other bidders for the company are understood to include private equity firms Apax, Warburg Pincus and Clayton Dubilier & Rice Ė which also owns a substantial stake in Liverpool retailer B&M Bargains.

The sale is expected to be completed this month.

Under the terms of the agreement, OTPP will acquire the business as a whole, including all of Burtonís brands, all of the rights under Burtonís Cadbury licence and Burtonís manufacturing sites in Blackpool, Edinburgh and Llantarnam, along with its chocolate refinery in Moreton.

Burtonís will also continue to be led by its existing management team, under chief executive Ben Clarke, and operate under its existing name from its current head office in St Albans.

Credit Suisse were lead financial advisers to Burtonís, with Linklaters acting as legal advisor.

Clarke said: ďWe are delighted that OTPP will shortly acquire Burtonís 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.

ďWith their combination of extraordinary financial firepower, true partnership approach and global expertise, it is clear to me that OTPP are the ideal partner for us. We are very excited about working with Jo Taylor and his team as we pursue our ambitious plans for growth both in the UK and internationally.Ē

Jo Taylor, head†of OTPPís London office, added: ďWe look forward to supporting Burtonís 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.†

ďWith its portfolio of iconic brands, Burtonís 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.Ē

OTPPís other investments include Camelot, owner of the National Lottery, which was bought in 2010.

Burtonís employs 2,200 people across the UK, with manufacturing sites in Edinburgh, Blackpool and South Wales.





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