Luxembourg:The Ferrero Group, a global confectionery group, today announced a definitive agreement pursuant to which it will acquire Eat Natural, the maker of high-quality cereal bars, toasted muesli and granola.
The Ferrero Group plans to maintain and further build Eat Natural’s strong brand authenticity, while supporting the company with distribution and expansion to new markets and category segments opportunities.
As part of the transaction, The Ferrero Group will take over the production facilities in Halstead, UK, and plans to retain the management and the employees of the businesses.
“Eat Natural are an excellent strategic fit for the Ferrero Group as we continue to expand our overall footprint and product offerings into the healthier snacking market segment,” said Giovanni Ferrero, Executive Chairman of the Ferrero Group. “Eat Natural are a family-orientated company who share a number of the same values as us, and like us care deeply for our consumers, the environment and the communities in which we operate. I very much look forward to welcoming them to the Ferrero Group.”
“We are very happy to be joining the Ferrero Group,” said Eat Natural Co-founder, Praveen Vijh, “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. Like us, they pride themselves on a commitment to ingredients, taste and storytelling. We can’t wait to get started.”
Lapo Civiletti, CEO of the Ferrero Group, said, “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.”
The transaction, subject to customary closing conditions and regulatory approvals, is expected to close in in the next months.
Davis Polk & Wardwell LLP served as legal advisor to Ferrero.