Ferrero Agrees to Take Over British Biscuit Producer Burton’s
Ferrero Agrees to Take Over British Biscuit Producer Burton’s
(Bloomberg) -- Ferrero SpA, the Italy-based chocolatier, has agreed to buy U.K. biscuit maker Burton’s Biscuit Co. from Ontario Teachers’ Pension Plan Board.
As part of the deal, a Ferrero-related company will take over six production facilities in the U.K., including sites in Blackpool, Dorset and Edinburgh, according to a statement Tuesday that confirmed an earlier Bloomberg News report. Financial details weren’t disclosed.
Ontario Teachers had been discussing a valuation of about 300 million pounds ($426 million) for the business, people with knowledge of the matter said earlier. It bought Burton’s in 2013.
Burton’s manufactures popular biscuit brands including Maryland Cookies, Jammie Dodgers and Wagon Wheels. The company employs about 2,000 people in the U.K. and generated more than 275 million pounds of revenue during the last 12 months, according to Tuesday’s statement.
Houlihan Lokey Inc. advised Ferrero on the deal, while Ontario Teachers worked with Stamford Partners LLP.
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