Pension fund was previously the majority shareholder
Clayton Dubilier & Rice (CD&R) has successfully concluded the acquisition of Shearer’s Foods (Shearer’s), a contract manufacturer and private label supplier in the snack industry, from Ontario Teachers’ Pension Plan Board (Ontario Teachers’), the previous majority shareholder. Specific financial details of the transaction were not disclosed.
“As Shearer’s enters a new phase of growth, we are excited to be joined by a team with the experience, expertise and resources to support our mission of producing high-quality, innovative and delicious snacks that we are proud to serve to our families, friends, customers and retailers,” says Mark McNeil, Shearer’s CEO.
“CD&R shares our focus and commitment, and their track record of helping build stronger, more sustainable businesses makes the firm an ideal partner as we continue to drive our business forward. At the same time, I would like to express my gratitude to the Ontario Teachers’ team. Under their more than a decade of ownership, we have successfully grown our footprint and significantly diversified our offerings to our valued customers,” says Bill Nictakis, executive chairman at Shearer’s.
Ontario Teachers’ has played a pivotal role in Shearer’s growth, transforming the company from a single family-owned grocery store into North America’s largest manufacturer of private label salty snacks, cookies, and crackers.
Initially investing in 2012, Ontario Teachers’ became a majority owner in 2015. At that time, Shearer’s had five plants across the US and exclusively produced salty snacks.
Ontario Teachers’ brought in an experienced management team to guide the company's direction. This involved advising on acquisition opportunities and helping Shearer’s expand its product portfolio into cookies and crackers. Investments in automation further enhanced Shearer’s capacity, efficiency, cost-effectiveness, and workplace conditions.
“Over the past decade, we have been proud to partner with the Shearer’s management team as it established itself as a market leader in North America for private label and contract manufactured salty snacks, cookies and crackers. Shearer’s has achieved this position by consistently delivering high-quality and innovative products, while expanding its market presence,” says Raymond Shiu, managing director, private capital at Ontario Teachers’.
“With the investments Ontario Teachers’ has made into Shearer’s over the past decade, we are excited to see the Company reach new heights in the future. We wish CD&R, Bill, Mark, and everyone at Shearer’s continued success in the Company’s next stage of growth,” adds Harj Shoan, senior managing director, private capital at Ontario Teachers’.
