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Clayton Dubilier & Rice (CD&R) has entered into a definitive agreement to acquire Shearer's Foods from Ontario Teachers' Pension Plan Board. Founded in 1974, Shearer's Foods is a manufacturer and distributor of snack foods. The company is a producer of salty snacks, cookies and crackers. Under Ontario Teachers' management, Shearer's expanded from five to 17 plants, establishing itself as "one of the largest producers of private-label and co-manufactured salty snacks in North America," said CD&R. During this period, Shearer's invested in its plant network to enhance ties with strategic blue-chip customers while diversifying its geographic and product mix. As part of the transaction, Ontario Teachers – Shearer's current majority shareholder – will exit its position in the company. Shearer's executive chairman Bill Nictakis said: "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", He continued: "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." Shearer's CEO Mark McNeil commented: "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." CD&R partner J Zrebiec added: "We have strong conviction in the differentiated manufacturing capabilities and category management the company provides, and our goal is to support the team in further scaling operations and capturing the many opportunities ahead to better serve Shearer's customers". Terms of the transaction were not disclosed.