Fox’s and Kelsen Group owner adds Burton’s to growing biscuit portfolio
CTH - a Belgian holding company related to Ferrero - has entered into a definitive agreement with Ontario Teachers’ Pension Plan Board to acquire Burton’s for an undisclosed amount. The move follow’s Ferrero's previous bolt-ons of Biscuits Delacre, Kelsen Group and Fox’s, making it a serious player in the sweet biscuit market.
Rich biscuit history
Burton’s heritage dates back to 1935 and today produces some of the best-loved brands on the UK market, including Maryland Cookies, Jammie Dodgers, Wagon Wheels, Fish ‘n’ Chips, Paterson’s and Thomas Fudge’s.
Burton’s family bakery was actually started in 1829 by George Burton. It was his grandson Joseph who founded the Burton’s Biscuit Company a little over a century later, after pioneering new technologies and manufacturing processes.
The St. Albans-headquartered company employs a 2,000-strong workforce across six manufacturing facilities in the UK and generated sales of more than £275m over the past 12 months. As part of the transaction, CTH will take over the plants, which are based in Blackpool, Dorset, Edinburgh, Livingston, Llantarnam and Isle of Arran.
Ontario Teachers – the administrator of Canada’s largest single-profession pension plan with C$221.2bn in net assets – acquired Burton’s in 2013 and has helped grow the business through continued investment across the branded, retailer brand and third-party global brand portfolios, in addition to organic initiatives and bolt-on acquisitions.
Davis Polk & Wardwell, LMS Legal LLP (competition law advisors) and Houlihan Lokey served as legal and financial advisors to CTH. Kirkland & Ellis and Stamford Partners served as legal and financial advisors to Ontario Teachers.