TORONTO – Ontario Teachers’ Pension Plan has agreed to acquire a majority stake in Burton’s Biscuit Co., a U.K. company with about 2,000 employees
The sellers include Canadian Imperial Bank of Commerce (TSX:CM) and funds managed by Apollo Global Management, LLC (NYSE:APO).
Financial terms weren’t disclosed.
Ontario Teachers was among 30 potential buyers considered by Burton’s management, which maintains a significant minority stake.
Burton’s operates three manufacturing plants in the United Kingdom, making products such as Cadbury Fingers and Wagon Wheels.
The transaction is to close by the end of November.