CD&R to Acquire Shearer’s Foods

Detroit Lakes , MN (KDLM)-

Clayton Dubilier & Rice (“CD&R” or the “Firm”) today announced that it has entered into a definitive agreement for funds it manages to acquire Shearer’s Foods (“Shearer’s” or the “Company”), a leading contract manufacturer and private label supplier serving the snack industry in the United States and Canada, from Ontario Teachers’ Pension Plan Board (“Ontario Teachers’”). 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.