The private equity owners of Burton’s Biscuit Co. have completed assessing options for the UK biscuit group and are preparing to commence a sale process.
Burton’s owners Apollo Management and CIBC will shortly kick off a sale process for the maker of Jammy Dodgers and Maryland Cookies, a spokesperson for the group confirmed today (29 August).
“We can confirm that a process for the possible sale of Burton’s Biscuit Company will shortly commence. There is no guarantee a sale will take place, and we will provide an update in due course,” the spokesperson said.
The news follows a review of options for the business, conducted on behalf of the group’s owners by Credit Swisse.
Apollo and CIBC have owned Burton’s since 2009, when they took control of the company in a debt-for-equity swap with Duke Street Capital, which was forced to hand over the company to the lenders that had financed its GBP220m (US$286.3m) buy-out of Burton’s in March 2007. Duke Street was left with a small stake in Burton’s.
The spokesperson for the biscuit maker emphasised that, from an operational perspective, it is “business as usual” for the biscuit group.
“The management team remains committed to leading the company and is focussed on delivering its strategy to grow the business,” the spokesperson added.