NEW YORK AND TORONTO — Clayton Dubilier & Rice (CD&R), a private investment firm, announced that it has entered into a definitive agreement for funds it manages to acquire Shearer’s Foods from global investor Ontario Teachers’ Pension Plan Board. Shearer’s has an expansive manufacturing footprint and diversified offering that has enabled it to become a leading manufacturer of salty snacks, cookies and cracker products.
“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,” said John Compton, operating partner of CD&R and former president of PepsiCo and CEO of PepsiCo North America. “We are thrilled to be partnering with Bill and Mark to build on Shearer’s history of success in serving great-tasting snacks.”
As part of the transaction, Ontario Teachers’ will step down from its position as majority shareholder in the company. The terms of the transaction were not disclosed.