Capvest eyes €415m Burton's takeover
Capvest, the private equity firm co-founded by Cavan native Seamus FitzPatrick, and which is backed by a number of wealthy Irish investors, is rumoured to be circling a takeover of Burton's Biscuits in the UK for as much as £350m (€415.7m).
The maker of Wagon Wheels and Jammie Dodgers is being targeted by a number of private equity firms, including Capvest, it is believed.
Burton's Biscuits is owned by private equity group Apollo Management and Canadian bank CIBC, which took control of the business in 2009. They gained ownership after the previous owner, Duke Street Capital, was forced to hand it over to lenders. The food firm is the second-biggest manufacturer of biscuits in the UK.
Co-founded by Mr FitzPatrick in 1999, the former city banker has helped Capvest to become one of Europe's biggest mid-tier private equity players.
It owns the Mater Private Hospital in Dublin and previously owned Findus frozen foods and food company Young's. Two years ago, Capvest's Valeo Foods, which owns brands including Batchelors, Odlums, Shamrock, Roma and Sqeez, acquired Jacob Fruitfield.