Shearer’s Foods under new ownership

Last Updated on February 13, 2024 by Admin


NEW YORK — The private equity company Clayton Dubilier & Rice (CD&R) has completed its acquisition of Shearer’s Foods from its majority shareholder the Ontario Teachers’ Pension Plan Board, Toronto. Terms of the acquisition were not disclosed.

Shearer’s Foods is a contract manufacturer and private label supplier of salty snacks, cookies and crackers that is based in Massillon, Ohio. The company has 10 manufacturing plants and a distribution center in the United States, as well as three manufacturing plants in Canada. The company will continue to be led by Bill Nictakis, executive chairman, and Mark McNeil, chief executive officer.

“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,” Nictakis said. “We are grateful for the support we have received from Ontario Teachers’ that has helped us execute our strategy and solidify our position.”

McNeil added, “The closing of this transaction is a testament to Shearer’s differentiated capabilities and category leadership in salty snacks and cookies and crackers products. 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.”

Clayton Dubilier & Rice has investments in a variety of industries, including health care, business services, financial services, technology as well as consumer retail.

“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, Inc. “Shearer’s is well positioned to continue delivering high-quality products and building strong relationships with their customers, retailers and employees at scale.”

The transaction’s closing comes just a few days after Shearer’s filed a Worker Adjustment and Retraining Notification (WARN) notice with the Texas Workforce Commission indicating it will close a production plant in Lubbock, Texas, on March 31. Shearer’s opened the 180,000-square-foot facility in 2007 and employs 176 at the plant.

Shearer’s said the decision to close the plant primarily reflects a decrease in demand from the facility’s largest customer.

Shearer’s other US facilities are in Phoenix; Newport, Ark.; Burlington, Iowa; Perham, Minn.; Brewster and Massillon, Ohio; Waterford, Pa.; Fort Worth, Texas; and Bristol, Va.


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