Cadbury acquires Romanian confectionery business
June 08, 2007
by FoodBusinessNews.net Staff
LONDON — Cadbury Schweppes P.L.C. has acquired 93.32% of Kandia-Excelent S.A. from Kandia n.v., a private equity investment holding company managed by Meinl Baking AG. Kandia-Excelent is a Romanian confectionery business.
The assets of Kandia-Excelent as of Dec. 31 were approximately £32 million.
"The purchase of Kandia-Excelent is aligned with our strategy of pursuing bolt-on acquisitions to further strengthen our confectionery platform," said Todd Stitzer, chief executive officer. "Kandia-Excelent has a strong position in the Romanian confectionery market, which is worth over €300 million and grew 17% last year. This acquisition gives us an exciting opportunity to further develop their leading brands and leverage their strong routes to market."
Kandia-Excelent is the second-largest confectionery company in Romania, and 2007 sales are expected to be around €50 million. The company has a production facility in Bucharest and about 850 employees.