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Ontario Teachers’ Pension Plan nears £250m buyout for Burton’s Biscuits

18 Nov 2013

Canadian institutional investor Ontario Teachers’ Pension Plan is said to be close to a £350m deal to acquire UK-based Burton’s Biscuits from its private equity backers, Sky News has reported.

The company, which is owned by private equity firms Apollo Global Management and Duke Street Capital hired Credit Suisse earlier in the year to advise on a potential sale.

Duke Street bought the maker of Wagon Wheels back in 2007, but due to a combination of “commodity volatility” in 2007 and “deeper discounting by the retailers” the company was forced to restructure its debt in September 2009 with the Canadian Imperial Bank of Commerce and Apollo taking a stake and Duke Street maintaining a minority ownership.

Private equity firms said to have bid for the biscuit-maker include Apax Partners, Clayton Dubilier & Rice and Warburg Pincus.

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