Wed, 23 Dec 2020 | BUSINESS SALE
Confectionery giant Ferrero has completed the acquisition of cereal bar company Eat Natural for an undisclosed sum. The acquisition is part of Ferrero’s attempts to expand its brand portfolio into the healthy snacking sector.
The deal will include the company’s Halstead production facilities, with Ferrero Group pledging to retain the company’s management and employees. Ferrero says it plans to build on the company’s “strong brand authenticity” and support its expansion into new markets and opportunities.
Eat Natural has over 300 employees at its Halstead production site, where it manufactures small batch fruit and nut and cereal bars. Its bars are made largely by hand and utilise common household ingredients.
Giovanni Ferrero, Executive Chairman of Ferrero, describes the acquisition of Eat Natural as a strategic fit for the group, which has recently been seeking to expand into new sectors. In October, it acquired part of Fox’s Biscuits from 2 Sisters Food Group for £246 million, its second European acquisition of the year.
Ferrero Group CEO Lapo Civiletti commented: “We are bringing a much-loved, authentic product portfolio into our business, with a very strong market position in the healthier snacks segment.”
“This will allow us to be present in this relevant market segment, fulfilling the evolving needs and trends of consumers. We very much look forward to working with the Eat Natural team as we build our journey of growth together.”
Praveen Vijh, co-founder of Eat Natural, said: “Ferrero is a fabulous company and we are proud that they would like us to be part of their family. We have many shared ethics and both have a vision to make healthier snacking available for everyone.”
In its most recent accounts, to the year ended March 31 2020, Eat Natural reported turnover of £35 million, gross profit of £3 million and profit for the year of £1.2 million. At the time, its net assets were valued at £12.6 million.
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