Swiss investment company Jacobs Holding has agreed to offload a 2.85% stake in Barry Callebaut to Ontario Teachers’ Pension Plan.
As well as this private placement, the investment firm has also launched an accelerated book-building process for another 7.17% stake.
Jacobs Holding will continue to own a 40.08% stake in chocolate and cocoa products company Barry Callebaut after this deal is compleated.
The Swiss investment firm, which was founded by the late Klaus J Jacobs, has stated that it does not intend to sell any further stake in the company.
Jacobs Holding co-chairman Philippe Jacobs said: “Barry Callebaut is and will remain, in every respect, the most important investment for us and this transaction does not change our relationship to the company our father founded.
“We are deeply convinced of its continued growth prospects and support the management team in the implementation of its strategy. We will remain involved and fully committed to Barry Callebaut as reference shareholder in the long run.”
Ontario Teachers’ Pension Plan said that it is committed for a one-year lock-up. With C$201.4bn ($152bn) in net assets, Ontario Teachers’ Pension Plan is one of the largest single-profession pension plans in Canada.
The decision to divest some stake in Barry Callebaut is part of Jacobs Holding’s strategy to create a more balanced portfolio by widening its investments and diversifying its asset base.
Jacobs Holding has also announced its placement of 393,342 Barry Callebaut shares in an accelerated book-building process for qualified investors in and outside of Switzerland.
Credit Suisse is serving as sole book-runner for this transaction and is acting as financial advisor to Jacobs Holding on the private placement.
