The Ontario Teachers' Pension Plan has agreed to buy the British maker of Wagon Wheels and Jammie Dodgers.
Burton's Biscuits is the UK's second-largest biscuits manufacturer, employing 2,000 people around the UK with annual sales of £340m.
The deal was first reported by Sky News City Editor Mark Kleinman on Saturday.
The pension fund has not revealed the value of the deal to buy the biscuit maker.
Burton's is also the name behind Cadbury Fingers and Maryland Cookies.
Based in Hertfordshire, Burton's traces its roots back to the mid-1800s when it was founded by George Burton.
It employs more than 2,200 people around the UK in manufacturing facilities in Llantarnam, Edinburgh and Blackpool, a chocolate refinery in Moreton and a central distribution hub in Liverpool.
Ontario Teachers has become a voracious acquirer of British companies in recent years, taking over National Lottery operator Camelot and nursery chain Busy Bees.
Burton's is one of a sizeable number of mid-sized British companies which has been through several phases of private equity ownership.
In 2009, Apollo and the Canadian bank CIBC seized control of the company after Duke Street Capital, its previous owner, was forced to surrender control to the biscuit-maker's lenders.
Another private equity group, HM Capital, had bought the company in 2000 from Associated British Foods, owner of the Primark retail chain.
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