TORONTO, Nov. 18, 2013 /PRNewswire/ – Ontario Teachers’ Pension Plan
(Teachers’) today announced an agreement to acquire Burton’s Biscuit
Company (Burton’s), a major player in the UK biscuit market. Closing is
expected prior to the end of November.

The terms of the transaction are not being disclosed and Burton’s
management will maintain a significant minority stake in the company.
The acquisition of Burton’s from Canadian Imperial Bank of Commerce
(CIBC) and funds managed by affiliates of Apollo Global Management, LLC
(NYSE: APO) resulted from a competitive bidding process and is being
led by Teachers’ private equity investment division, Teachers’ Private
Capital (TPC).

Burton’s is the only major biscuit manufacturer in the UK to focus
solely on biscuits. The company employs over 2,000 people around the
UK, focused in three main manufacturing facilities, with head office in
St. Albans. Recent annual sales were more than £340 million. Burton’s
has some of the best known brands in the UK biscuit market including
Cadbury Fingers, Maryland Cookies, Jammie Dodgers, Wagon Wheels and
Lyons.

“We look forward to supporting Burton’s outstanding management team to
grow the business in the UK and further into overseas markets. There
are also many strategic acquisitions to consider in those territories
that can enhance these ambitious growth plans,” said Jo Taylor, head of
Teachers’ London office. “With its portfolio of iconic brands, Burton
is set to lead the premium biscuit market for some time to come and use
product innovation to appeal to consumers looking for delicious treats
and snacks inside and outside the home.”

Commenting on the agreement with OTPP, Ben Clarke, Burton’s CEO, said:
“We are delighted that OTPP will shortly acquire Burton’s Biscuit
Company. During this process we have met with over 30 different
potential buyers and, as significant co-investors going forward, it was
critical for the management team to find the right partner. With their
combination of extraordinary financial firepower, true partnership
approach and global expertise, it is clear to me that OTPP are the
ideal partner for us. We are very excited about working with Jo Taylor
and his team as we pursue our ambitious plans for growth both in the UK
and internationally.”

TPC activities include leading deals on a sole or partnered basis,
investing in private equity funds in markets and sectors that it cannot
efficiently access directly and co-investing with other like-minded
private equity funds. TPC manages a global portfolio valued at
approximately $12 billion.

About Teachers’
With $129.5 billion in net assets as of December 31, 2012, the Ontario
Teachers’ Pension Plan is the largest single-profession pension plan in
Canada. An independent organization, it invests the pension fund’s
assets and administers the pensions of 303,000 active and retired
teachers in Ontario. For more information, including our 2012 and
previous annual reports, visit www.otpp.com. Follow us @OtppInfo

About Burton’s Biscuit Company
Burton’s Biscuit Company is a leading branded and own label supplier of
quality biscuits and snacks and is the number two branded player and
second largest biscuit supplier in the UK. It owns and bakes
market-leading brands such as Maryland, Jammie Dodgers and Wagon
Wheels, and bakes Cadbury biscuits under licence.

Headquartered in St. Albans, UK, the company operates manufacturing
sites in Blackpool, Edinburgh, Llantarnam, and a chocolate refinery in
Moreton, employing over 2,000 people.

SOURCE Ontario Teachers’ Pension Plan