The maker of Jammie Dodgers and Maryland cookies is to be bought by a Canadian teachers' pension fund. The deal will see the Ontario Teachers' Pension Plan (OTPP), become the owners of Burton's Biscuits and is expected to be concluded by the end of the month.
The second largest biscuit manufacturer in the UK, Burton's Biscuits employs over 2,000 people and has annual sales reaching £340m.
The OTPP said the purchase "resulted from a competitive bidding process and is being led by Teachers' private equity investment division, Teachers' Private Capital (TPC)" and that "Burton's management will maintain a significant minority stake in the company"
Burton's Biscuits is the latest in a series of British acquisitions by the Canadian pension fund, including national lottery operator Camelot and Busy Bees nursery chain.
Burton's CEO, Ben Clarke, said:
We are delighted that OTPP will shortly acquire Burton's 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. With 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.