Majority ownership of Massillon, Ohio-based Shearer’s Foods could be on the market, according to a Reuters report, as the Ontario Teachers’ Pension Plan (OTPP) is reported to be exploring the sale of the snack foods processor that could value the company at more than $3 billion.
The Reuters report cites unidentified sources saying that OTPP is working with Goldman Sachs Group Inc. on an auction for the company, but that a deal is not certain at this time. OTPP first invested in Shearer’s in 2012 and then acquired a majority stake in the company in 2015. None of the companies involved responded or commented to Reuters’ requests.
Shearer’s Foods is the largest supplier of private label salty snacks and the second-largest supplier of private label cookies and crackers in North America, according to the web site. Minority owners in the company include Wind Point Partners and the company’s management team.