Ferrero firm announces acquisition of Burton’s Biscuit Company
A Ferrero-related company has confirmed an agreement worth a reported £360 million to acquire British business Burton’s Biscuit Company from Ontario Teachers’ Pension Plan Board.
Burton’s employs approximately 2,000 people across six manufacturing locations in the UK and generated sales of more than £275 million during the last 12 months.
The UK biscuit company 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 Belgian-based Ferrero holding company will take over the six production facilities in UK, which are based in Blackpool, Dorset, Edinburgh, Livingston, Llantarnam and Isle of Arran.
Through this acquisition, the Italian-founded confectionery business says it 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’.