The American snack company Shearer’s Foods will be acquired by local investors Clayton Dubilier & Rice (CD&R). For an undisclosed amount, CD&R has consented to purchase Shearer’s from the Ontario Teachers’ Pension Plan (OTPP) fund.

“We have deep admiration and respect for Shearer’s, a leading business that shares our core values in a sector and operating model we know and understand well,” John Compton, CD&R operating partner and a former CEO of PepsiCo North America, said.

CD&R partner JL Zrebiec added that his company’s goal is to support the team in further scaling operations and capturing the many opportunities ahead to better serve Shearer’s customers.

As well as private-label snacks and cookies, Shearer’s Foods, founded in the early 1900s, co-manufactures chips, tortillas, popcorn, and pork rinds. It also produces organic, gluten-free, and non-GMO kosher salty snacks, including kettle-cooked potato chips, cheese curls, and extruded snacks.

“As Shearer’s enters a new phase of growth, we are excited to be joined by a team with the experience, expertise, and resources to support our mission of producing high-quality, innovative, and delicious snacks that we are proud to serve to our families, friends, customers, and retailers,” Shearer’s CEO Mark McNeil, mentioned.

The company has 17 manufacturing facilities across the US and Canada.

Having initially invested in Shearer’s in 2012, OTPP acquired an additional stake in 2015 from private equity firm Wind Point Partners to give the pension fund a majority ownership.

“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. Shearer’s has achieved this position by consistently delivering high-quality and innovative products while expanding its market presence,” Raymond Shiu, OTPP’s managing director for private capital, said on the company’s exit from the business.

CD&R is privately owned by its partners and has offices in New York and London.

It invests in businesses that span a broad range of industries, including industrial, healthcare, consumer, technology, and financial services end markets.