The Ontario Teachers’ Pension Plan has acquired an additional equity stake in Shearer’s Snacks from Wind Point Partners for an undisclosed amount.
With this transaction, Teachers’ holds a significant majority ownership in Shearer’s, which is a national contract manufacturer and private label supplier in the snack industry in North America.
Company management will continue to hold a “meaningful” stake, while Wind Point retains a small interest in Shearer’s.
Teachers’ Private Capital (TPC), the private equity group of Teachers’, acquired its initial stake in Shearer’s in 2012 alongside Wind Point and in partnership with CJ Fraleigh, who joined as chairman and CEO. He has 25 years of experience in consumer products and most recently served as CEO of Sara Lee’s North America division.
During Teachers’ and Wind Point’s ownership, Shearer’s completed the acquisitions of Lance Private Brands and Medallion Foods, doubling the size of the business and significantly expanding the private label and contract manufacturing product offerings.
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“Teachers’ welcomes the opportunity to build on our relationship with Shearer’s,” says Jane Rowe, senior vice-president of TPC. “The company’s strong management team has demonstrated its ability to grow organically and through acquisitions in a sector that continues to have attractive prospects.”
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