Acquisition Of Private Label Snack Maker Shearer's Foods Complete

Clayton Dubilier & Rice (CD&R) has completed its acquisition of Shearer's Foods, a contract manufacturer and private label supplier serving the snack industry in the United States and Canada.

The company was purchased from the Ontario Teachers' Pension Plan Board. Terms of the transaction were not disclosed.

"We are confident that CD&R's experience, expertise and resources will strengthen our team and advance our mission to make Shearer's the manufacturer and supplier of choice for our growing customer and retailer communities," said Bill Nictakis, executive chairman of Shearer's. "We are grateful for the support we have received from Ontario Teachers' that has helped us execute our strategy and solidify our position."

"The closing of this transaction is a testament to Shearer's differentiated capabilities and category leadership in salty snacks and cookies and crackers products," said Mark McNeil, CEO of Shearer's. "CD&R's understanding of our business, values and vision, combined with their strategic, operating and functional expertise, creates an incredible opportunity for Shearer's to accelerate our growth trajectory."

"We are excited to partner with Bill, Mark and their team to build on Shearer's strong momentum," said John Compton, CD&R operating partner and former president of PepsiCo and CEO of PepsiCo North America. "Shearer's is well positioned to continue delivering high-quality products and building strong relationships with their customers, retailers and employees at scale."