The Board of Directors of the Ontario Teachers' Pension Plan on Monday announced that it will acquire Burton's Biscuit Co. from the Canadian Imperial Bank of Commerce (CIBC) and Apollo Global Management affiliates.
Reuters reported that the buyout deal would give Teachers' a foothold in the British biscuit market. Financial terms of the deal, however, were not disclosed. The deal is expected to be finalized before December.
According to a profile by CrunchBase, Teachers' is the largest single-profession pension plan in Canada. It invests the pension fund's assets and administers the pensions of 284,000 active and retired teachers in Ontario. It has a total of CAD129.5 billion asset under management, based on its latest annual report.
Reuters said Burton's management will still maintain a significant stake in the company.
Burton's is the United Kingdom's number two biscuit maker, said the Financial Times. It registered total sales of over GBP340 million (USD547 million) last year, based on its annual report. Burton's products include Cadbury, Dodgers and Wagon Wheel.
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