- Clayton Dubilier & Rice announced the planned acquisition Wednesday.
- The terms of the agreement were not disclosed in the private investment firm’s announcement.
- Shearer’s began in the early 1900s with a family market in Canton.
MASSILLON − Shearer’s Foods is being acquired by private investment firm Clayton Dubilier & Rice.
The Ontario Teachers’ Pension Plan Board has been the majority shareholder of the Massillon-based snack company since 2015. As part of the acquisition, which Clayton Dubilier & Rice announced Wednesday, the pension board will leave the company.
“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,” Raymond Shiu, managing director of private capital at Ontario Teachers’ Pension Plan Board said in a prepared statement.
Shearer family:No hard feelings on removing Shearer’s name from snacks
Harj Shoan, the board’s senior managing director of private capital, added that they wish the new owners and Shearer’s executives continued success.
“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,” he said.
Pension board spokespeople did not immediately return a message seeking additional details. The terms of the agreement were not disclosed in the private investment firm’s announcement.
National media reported in August that the rumored sale was valued at $3 billion. Shearer’s generates more than $250 million a year before interest, tax, depreciation and amortization, according to Bloomberg’s report.
When did Shearer’s begin?
Shearer’s began in the early 1900s with a market in Canton. The Shearer family ― Jack and Rosemary Shearer and their sons, Bob and Tom ― later founded the snack company in 1974.
Today, Executive Chairman Bill Nictakis and CEO Mark McNeil lead the company with 17 manufacturing facilities in Ohio, Texas, Arkansas, Arizona, Florida, Minnesota, Pennsylvania, Oregon, Virginia, Iowa, and Ontario and Alberta provinces in Canada.
“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,” Nictakis said in a prepared statement. “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.”
John Compton, operating partner for Clayton Dubilier & Rice, said the firm understands Shearer’s operating model and shares the same core values. He is the former president of PepsiCo and CEO of PepsiCo North America, which included the Frito-Lay, Quaker and Pepsi beverage divisions.
“We are thrilled to be partnering with Bill and Mark to build on Shearer’s history of success in serving great-tasting snacks,” Compton said in a prepared statement.
Reach Kelly at 330-580-8323 or kelly.byer@cantonrep.com.On X: @kbyerREP
