Burton’s Biscuit Co has acquired Thomas Fudge’s, a Dorset, U.K.-based premium biscuit manufacturer.
No financial terms were disclosed. The seller was U.K. mid-market private equity firm Livingbridge, which invested in Thomas Fudge’s in 2016.
Burton’s, which produces branded and own-label biscuits and snacks, including Maryland Cookies and Jammie Dodgers, said the deal will extend its capabilities and allow it to bring new products to market.
Burton’s is owned by Ontario Teachers’ Pension Plan. Ontario Teachers’ acquired it in 2013 from Canadian Imperial Bank of Commerce and Apollo Global Management.
Burton’s Acquires Thomas Fudge Biscuit Company
Burton’s Biscuit Co. has completed the acquisition of premium sweet and savoury biscuit manufacturer, Thomas Fudge’s from Livingbridge, one of the UK’s leading mid-market private equity investors.
February 6th, 2019
The acquisition is another important milestone in Burton’s strategy of putting great baking at the heart of everything it does, with the objective of building partnerships and delivering growth through the baking of great biscuits for customers and consumers.
In the last few years, this drive and expertise has enabled Burton’s to launch the no.1 confectionery brands of Mars into the biscuits fixture, building a range of biscuits worth in excess of £11m RSV in its first year, whilst also growing their strong branded business and retailer brand partnerships.
The premium sector is one of the fastest-growing in the biscuit category as growing numbers of consumers are seeking indulgence delivered by provenance, high-quality ingredients and engaging textures.
Nick Field, Burton’s Biscuit Co.’s CEO, said the acquisition of the Dorset-based premium biscuit supplier represented a “continued commitment and investment by Burton’s to extend our capability and bring new and exciting products to market in both the sweet and savoury premium segments.”
He commented: “Thomas Fudge’s is a great business with a fantastic portfolio of premium products and baking expertise handed down through generations. The bakery provides a hugely complementary production capability to Burton’s own bakeries, extending into the more premium and artisanal end of the category with its branded, retailer brand and Marmite products baked under licence. We are excited about the opportunity to develop these three important pillars and look forward to working with our retail partners to drive growth through innovation and excitement in the category.”
He added: “The move is also a hugely positive endorsement of the confidence our owner, Ontario Teachers’ Pension Plan, has in Burton’s and it highlights their shared ambition with us to grow our business, enhancing our status and credentials as a leading baker of great biscuits and snacks.
“Having listened to our customers around the innovation and category leadership they want, we feel this acquisition enhances our ability to meet those objectives, and we are excited to work with our trade partners to build new category value with this premium capability alongside our existing great brands and retailer brand offerings.”
Emma Davies, Thomas Fudge’s CEO, said: “We’re really excited about becoming part of the Burton’s family as we enter our next phase of development as a business and would like to thank Livingbridge for their support in recent years.”
Information issued on behalf of Burton’s Biscuit Co. by MTJ Associates. For more details, please call Martin Jackson or Emma Madden on 01772 421442.