ALBA (CUNEO) (ITALPRESS) – A Ferrero affiliate company has announced a definitive agreement under which it will acquire Burton’s Biscuit Company from the Ontario Teachers’ Pension Plan Board fund. Burton’s employs around 2,000 people across six UK manufacturing facilities and has generated sales of over £ 275 million in the past 12 months. Burton’s produces some of the most beloved brands in the British cookie market, including Maryland Cookies, Jammie Dodgers, Wagon Wheels, Paterson’s and Thomas Fudge’s. The company has a long tradition in the UK biscuit market dating back to 1935, with brands well known to consumers. As part of the transaction, the Ferrero subsidiary will take over six manufacturing facilities in the UK, with offices in Blackpool, Dorset, Edinburgh, Livingston, Llantarnam and on the Isle of Arran. Through this acquisition, the Ferrero subsidiary expects to increase its product offering in the biscuit market, also following the previous acquisitions of Delacre, Kelsen Group and Fox’s. Ontario Teachers’ invested in Burton’s in 2013 and helped grow the company through ongoing investments in the product portfolio, retailer brands and global third-party brands, as well as organic growth initiatives and complementary acquisitions. Completion of the transaction, subject to the release of legal authorizations and customary closing conditions, is expected in the coming months. Davis Polk & Wardwell, LSM legal LLP (competition law consultants) and Houlihan Lokey, followed the legal and financial advice of the subsidiary company of Ferrero. Kirkland & Ellis and Stamford Partners followed Ontario Teachers’ legal and financial advice. (ITALPRESS). sat / com 01-Jun-21 12:20
COPYRIGHT today © breaking latest news