US snacks business Shearer’s Foods is to get new owners in the shape of local investor Clayton Dubilier & Rice (CD&R).
CD&R has agreed to buy Shearer’s from the Ontario Teachers’ Pension Plan (OTPP) fund for an undisclosed sum. Earlier reports had speculated a buy-out deal for Shearer’s could be worth $3bn.
It was first suggested in August that the OTPP Canadian pension fund was eyeing a sale of Ohio-based private-label snack maker and co-manufacturer Shearer’s.
Confirming a deal had been struck yesterday (13 December), John Compton, CD&R operating partner and a former CEO of PepsiCo North America, said: “We have deep admiration and respect for Shearer’s, a leading business that shares our core values in a sector and operating model we know and understand well.”
Shearer’s CEO Mark McNeil said: “As Shearer’s enters a new phase of growth, we are excited to be joined by a team with the experience, expertise and resources to support our mission of producing high-quality, innovative and delicious snacks that we are proud to serve to our families, friends, customers and retailers.”
Source: Just Food
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