Burton's Foods, manufacturer of Maryland, Jammie Dodgers and Wagon Wheels, is to be sold to Canadian firm Ontario Teachers Pension Plan for £350m.
The St Albans-based company, which said it had 30 different potential buyers, will fall under the ownership of OTPP from next month.
The agreement will see OTTP acquire all of Burton’s UK manufacturing sites, which include Blackpool, Edinburgh, Moreton and Llantarnam in South Wales.
Ben Clarke, CEO for Burton’s Foods said: “We are delighted that OTPP will shortly acquire Burton’s Biscuit Company.”
Mr Clarke, who is to remain in his role alongside the company staying at its existing head office, added: “During this process we have met with over 30 different potential buyers and, as significant co-investors going forward, it was critical for the management team to find the right partner.”
Jo Taylor, head of OTPP’s London office, said the future remains bright for Burton’s in the UK, which is Europe’s largest biscuit market.
“With its portfolio of iconic brands, Burton’s is set to lead the premium biscuit market for some time to come and use product innovation to appeal to consumers looking for delicious treats and snacks inside and outside the home,” she said.