Ontario Teachers' Pension Plan To Buy Burton's Biscuit Co. - Quick Facts

(RTTNews) - Ontario Teachers' Pension Plan on Monday announced an agreement to acquire Burton's Biscuit Company, a major player in the UK biscuit market. Closing is expected prior to the end of November. The terms of the transaction are not being disclosed. Burton's management will maintain a significant minority stake in the company.

Ontario Teachers' Pension stated that the acquisition of Burton's from Canadian Imperial Bank of Commerce (CM, CM.TO) or CIBC and funds managed by affiliates of Apollo Global Management, LLC (APO) resulted from a competitive bidding process and is being led by Teachers' private equity investment division, Teachers' Private Capital or TPC.

Burton's Biscuit employs over 2,000 people around the UK, focused in three main manufacturing facilities, with head office in St. Albans. Recent annual sales were more than 340 million pounds. Burton's has some of the best known brands in the UK biscuit market including Cadbury Fingers, Maryland Cookies, Jammie Dodgers, Wagon Wheels and Lyons.

With $129.5 billion in net assets as of December 31, 2012, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund's assets and administers the pensions of 303,000 active and retired teachers in Ontario.