Le Lézard
Classified in: Business
Subject: TNM

CD&R Completes Acquisition of Shearer's Foods


NEW YORK and TORONTO, Feb. 13, 2024 /PRNewswire/ -- Clayton Dubilier & Rice ("CD&R" or the "Firm") today announced the completion of its acquisition of Shearer's Foods ("Shearer's" or the "Company"), a leading contract manufacturer and private label supplier serving the snack industry in the United States and Canada, from Ontario Teachers' Pension Plan Board ("Ontario Teachers'"). 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, Chief Executive Officer 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, including the Frito-Lay, Quaker and Pepsi beverage divisions. "Shearer's is well positioned to continue delivering high-quality products and building strong relationships with their customers, retailers and employees at scale."

"We are enthusiastic about the opportunities ahead for Shearer's, an industry leader with an outstanding team and portfolio of products poised to meet the needs of the evolving market," said J.L. Zrebiec, CD&R Partner. "We look forward to supporting the Shearer's team in driving further growth and innovation."

Deutsche Bank Securities Inc., UBS Investment Bank, BMO Capital Markets Corp., BNP Paribas, RBC Capital Markets LLC and TD Securities provided financing and served as financial advisors to CD&R. Blue Owl Capital Inc., Citizens, Goldman Sachs & Co. LLC, Macquarie Capital, Mizuho Bank, Ltd., Natixis, Rabo Securities and Stifel provided financing to CD&R. Debevoise & Plimpton LLP served as legal advisor to CD&R. Goldman Sachs & Co. LLC served as exclusive financial advisor and Kirkland & Ellis served as legal advisor to Shearer's.

About Clayton, Dubilier & Rice

Founded in 1978, Clayton, Dubilier & Rice (CD&R) is a leading private investment firm with a strategy of generating strong investment returns by building stronger and more sustainable businesses through the combination of skilled investment experience and deep operating capabilities. In partnership with the management teams of its portfolio companies, CD&R takes a long-term view of value creation and emphasizes positive stewardship and impact. The firm invests in businesses that span a broad range of industries, including industrial, healthcare, consumer, technology and financial services end markets. CD&R is privately owned by its partners and has offices in New York and London. For more information, please visit?www.cdr-inc.com?and follow the firm's activities through?LinkedIn?and?@CDRBuilds?on X/Twitter. 

About Shearer's Foods

Shearer's is a leading contract manufacturer and private label supplier in the snack industry in North America. Headquartered in Massillon, Ohio, Shearer's has 17 state-of-the-art, geographically diverse manufacturing facilities in Ohio, Texas, Arkansas, Arizona, Florida, Minnesota, Pennsylvania, Virginia, Iowa, Ontario and Alberta including one of the industry's first Leadership in Energy and Environmental Design platinum LEED certified facilities in Massillon, Ohio. The Company is known for producing the highest quality snacks in assorted flavors and sizes, including kettle cooked potato chips, traditional potato chips, tortilla chips, cheese curls and other extruded snacks, and corn chips, as well as cookies, crackers, and wafers.

SOURCE Clayton, Dubilier & Rice


These press releases may also interest you

at 15:39
Subaru of America, Inc. today shared plans to expand its operations in the Dallas-Fort Worth area and grow its workforce by relocating its Central Region office and establishing a new customer support center in Coppell, Texas. The automaker's new...

at 15:23
Saudi Arabia has been elected to chair the Executive Council of the Arab League Educational, Cultural and Scientific Organization (ALECSO) by selecting its representative and Executive Council member, Mr. Hani bin Moqbel Al-Moqbel, as Chairman for...

at 15:23
The Public Investment Fund (PIF) and the WTA have today unveiled a multi-year partnership that will support their shared ambition to grow women's professional tennis and inspire more women and girls around the world to take up the game. The...

at 15:10
Ademi LLP is investigating Taro  for possible breaches of fiduciary duty and other violations of law in its transaction with its majority shareholder Sun....

at 15:02
The U.S. Department of Commerce has awarded a 2024 President's "E" Award for Export Service to the Center for Global Business (CGB) at the University of Maryland's Robert H. Smith School of Business. A founding member of the MAPIT Alliance (Maryland...

at 15:00
PTSolutions, a leading provider of industrial solutions, is delighted to announce an exclusive cutting tooling partnership with the National Tooling & Machining Association (NTMA), a prominent organization in the tooling and machining industry. This...



News published on and distributed by: