• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deals search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Unquote
  • Exits

OTPP sells Burton’s Biscuits to Ferrero

  • Harriet Matthews
  • Harriet Matthews
  • 02 June 2021
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

Ontario Teachers’ Pension Plan (OTPP) has sold its stake in Burton’s Biscuits to food conglomerate Ferrero.

The deal is valued at around £300m, according to several press reports.

Ferrero is to acquire Burton’s via CTH, a Belgian holding company. Ferrero acquired Fox’s Biscuits in October 2020 and said in a statement that the acquisition of Burton’s will expand its presence in the sweet biscuits market. According to press reports, Burton’s was involved in talks to acquire Fox's that began in 2016.

Burton's Biscuits

  • DEAL:

    Trade sale

  • VALUE:

    £300m (est)

  • LOCATION:

    St Albans

  • SECTOR:

    Food products

  • FOUNDED:

    1935

  • TURNOVER:

    £275m (2020)

  • STAFF:

    2,000

  • VENDOR:

    Ontario Teachers' Pension Plan

During OTPP's investment period, which began in 2013, the company sold its license to manufacture Cadbury's Biscuits. It acquired Paterson Arran and Thomas Fudge in 2019.

Trade publication The Grocer reported in February 2020 that the company was up for sale, subsequently reporting that Bain Capital was one of the bidders in the final round.

Many consumer-focused food and food retail companies saw revenue growth in 2020 due to an increase in customers cooking and eating at home as a result of coronavirus lockdown restrictions. In fact, 2020 was a record year for aggregate buyout deal value in the sector, with 53 deals totalling almost €13.6bn, according to Unquote Data. In 2021 to date, 25 buyouts totalling €5.8bn have been recorded.

These sectors have seen 19 exits so far in 2021, compared with 34 deals in 2020, according to Unquote Data, with OTPP's exit from Burton's bringing the 2021 total to 20. Between 2010 and 2020, the sector has seen an average of 43 exits per year.

Recent PE exits in the food and food retail sectors include Astorg’s €1.7bn sale of ingredient and seasoning blend producer Solina Group to Ardian in May 2021. Also that month, VC-backed Oatly listed in New York with a $10bn market capitalisation, and CapVest sold Ireland-based Valeo Foods to Bain Capital in a deal that valued the company at more than €1.7bn.

UK consumer food brands under PE ownership notably include chilled desserts producer Gü, which was acquired by Exponent from Noble Foods in May 2021. The deal valued the company at around £150m.

Previous funding
Lion Capital acquired Burton’s Biscuits for around £434m in 2000. In 2007, Duke Street acquired the business in a deal valued at around £210m, according to Unquote Data.

In 2009, the company underwent a debt-for-equity swap following a debt restructuring through which Duke Street retained a minority stake, while the Canadian Imperial Bank of Commerce and Apollo Global Management took control of a majority stake in the business.

OTPP acquired the business in 2013 for around £350m. The company posted EBITDA of £40m at the time.

Company
Founded in 1935, Burton’s Biscuits manufactures biscuits including Jammie Dodgers, Maryland and Wagon Wheels. The company employs around 2,000 staff and has six UK production sites in Blackpool, Dorset, Edinburgh, Livingston, Llantarnam and Isle of Arran, with its headquarters in St Albans. It posted 2020 revenues of £275m, compared with revenues of £340m when OTPP first invested, according to Unquote Data.

People
Ontario Teachers’ Pension Plan – Nick Jansa (senior managing director, EMEA).
Burton’s Biscuits – Nick Field (CEO); Simon Browne (managing director).

Advisers
Vendor – Stamford Partners (M&A); Kirkland & Ellis (legal).
Acquirer – Davis Polk & Wardwell (legal); LMS Legal (legal); Houlihan Lokey (corporate finance).

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Exits
  • UK / Ireland
  • Consumer
  • United Kingdom
  • Ontario Teachers' Private Capital
  • Trade sale

More on Exits

Public sector software
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • Exits
  • 04 September 2023
Lender taking the keys from a sponsor
Ares Management handed keys to two-thirds of UK sponsor’s portfolio

Lender provided GBP 500m for three of the GP's deals between 2016 and 2019, Debtwire reported

  • Financing
  • 30 August 2023
Luggage and airport services
Actera Group explores strategic options for Celebi Ground Handling

Several investors placed bids for the company in 2022 but mismatch in pricing didn't lead to a deal

  • Exits
  • 30 August 2023
HR software solutions providers
Main Capital’s Assessio to be sold to Pollen Street

Recruitment software company tripled in revenue under Main Capital’s ownership

  • Buyouts
  • 25 August 2023

Latest News

Fund closes in US dollars
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote

  • 05 September 2023
Clinical trials and biotechnology
  • Buyouts
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • 04 September 2023
Public sector software
  • Exits
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
EMEA Public to Private M&A
  • Investments
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • 04 September 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013