Private investment firm Clayton Dubilier & Rice has announced that it has entered into a definitive agreement for funds it manages to acquire Shearer’s Foods, a contract manufacturer and private label supplier serving the snack industry in the U.S. and Canada, from Ontario Teachers’ Pension Plan Board. Terms of the transaction were not disclosed. As part of the transaction, Ontario Teachers’ (Shearer’s existing majority shareholder), will exit its position in the company.
Founded in the early 1900s, Shearer’s is an award-winning supplier to large, well-known retailers and consumer-branded companies. The company has an expansive manufacturing footprint and diversified offering that has enabled it to become a leading manufacturer of salty snacks cookies and crackers products. Based in Massillon, OH, the company is led by executive chairman Bill Nictakis and CEO Mark McNeil.