The sale of Burton’s Biscuit Co has attracted a “good level” of interest, primarily from private equity quarters, just-food understands.
The biscuit maker was put up for sale by its private equity owners earlier this year. Apollo Management and CIBC are asking in the region of GBP350m (US$562.8m) for the company, a source close to the situation told just-food.
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The first round of bidding, which asks potential buyers to express interest, was completed last week. The source told just-food that some “good names” have thrown their hat in the ring.
A Sky News report suggested yesterday (6 October) that around 12 bidders have emerged. The report named Apax Partners, CapVest, Charterhouse and Pamplona Capital as the private-equity groups in the running. Canadian pension fund Ontario Teachers Pension Plan is also reported to be interested in the Maryland cookies and Jammie Dodgers firm. The only strategic buyer named was 2 Sisters Food Group.
Burton’s declined to comment on the sale process.
Burton’s management, who currently hold a minority stake in the food group, are keen to remain “involved” following the sale, just-food understands.
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By GlobalDataManagement want to continue to pursue the group’s five year turnaround plan, which has seen improved results after just one year. Last month, the company said that full-year profit before tax rose by almost 50% to GBP10m.
Pamplona, Charterhouse and CapVest declined to comment on market rumour, as did 2 Sisters. Ontario Teachers Pension Plan and Apex were unavailable for comment at time of press.
For just-food’s speculative look at who could be in the running for Burton’s, click here.
