Ferrero-related Company announces agreement to acquire Burton's Biscuit Company from Ontario Teachers' Pension Plan Board
PR89841
LUXEMBOURG, June 2, 2021 /PRNewswire=KYODO JBN/ --
A Ferrero-related Company today announced that it has entered into a definitive
agreement to acquire Burton's Biscuit Company ("Burton's") from Ontario
Teachers' Pension Plan Board ("Ontario Teachers'").
Burton's employs approximately 2,000 people across six manufacturing locations
in the UK and generated sales of more than GBP275 million during the last 12
months. Burton's produces some of the best-loved brands in the UK biscuit
market including Maryland Cookies, Jammie Dodgers, Wagon Wheels, Paterson's and
Thomas Fudge's. The business has a history in the British biscuit market dating
back to 1935, with a very strong heritage and brand awareness.
As part of the transaction, the Ferrero-related Company will take over the six
production facilities in United Kingdom, which are based in Blackpool, Dorset,
Edinburgh, Livingston, Llantarnam and Isle of Arran.
Through this acquisition, the Ferrero-related Company expects to enlarge the
offer of products in the sweet biscuits market, further to the previous
acquisitions of Biscuits Delacre, Kelsen Group and Fox's.
Ontario Teachers' acquired Burton's in 2013 and has helped grow the business
through continued investment across the branded, retailer brand and third-party
global brand portfolios, in addition to organic initiatives and bolt-on
acquisitions.
Davis Polk & Wardwell, LMS Legal LLP (competition law advisors) and Houlihan
Lokey served as legal and financial advisors to the Ferrero-related Company.
Kirkland & Ellis and Stamford Partners served as legal and financial advisors
to Ontario Teachers'.
About Ferrero-related Company
CTH is a Belgian Holding Company related to the Ferrero Group. Ferrero Group
and its related parties is the third player in the worldwide chocolate
confectionery market and the second one in the sweet biscuits market.
About Ontario Teachers'
The Ontario Teachers' Pension Plan Board is the administrator of Canada's
largest single-profession pension plan, with C$221.2 billion in net assets (all
figures as of December 31, 2020). It holds a diverse global portfolio of
assets, approximately 80% of which is managed in-house, and has earned an
annual total-fund net return of 9.6% since the plan's founding in 1990. Ontario
Teachers' is an independent organization headquartered in Toronto. Its
Asia-Pacific region offices are located in Hong Kong and Singapore, and its
Europe, Middle East & Africa region office is in London. The defined-benefit
plan, which is fully funded, invests and administers the pensions of the
province of Ontario's 331,000 active and retired teachers. For more
information, visit otpp.com and follow us on Twitter
@OtppInfo(https://protect-eu.mimecast.com/s/hJP5CrRYxIrVq0xUzrh8B?domain=twitter
.com).
About Burton's
Burton's is a UK leading biscuit manufacturer which supplies both quality
branded and retailer brand biscuits. It owns and bakes important brands such as
Maryland, Jammie Dodgers and Wagon Wheels and also bakes biscuits for major
retailers and global brands.
Headquartered in St. Albans, UK, Burton's operates manufacturing sites in
Blackpool, Edinburgh, Llantarnam, Livingston, Dorset and Isle of Arran,
employing approximately 2,000 people.
SOURCE Ferrero
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