LUXEMBOURG — The Ferrero Group has reached agreement to acquire Eat Natural, a UK-based maker of cereal bars, toasted muesli and granola. Financial terms of the transaction were not disclosed.
Ferrero said the proposed transaction includes Eat Natural’s production facilities in Halstead, UK. Current management and employees are expected to remain in place, and Ferrero plans to support the company with distribution and expansion into new markets and category segments.
“Eat Natural is 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 is a family-oriented company who shares a number of the same values as us, and like us cares 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.”
Lapo Civiletti, chief executive officer of the Ferrero Group, added, “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.”
Eat Natural was founded in 1997 by Praveen Vijh and Preet Grewal, who are both still involved in day-to-day operations at the company.
The transaction is expected to close in in the next months.
Ferrero Group is the world’s third largest chocolate and confectionery business, and the company recently has diversified into new sectors as it expands its global portfolio. The company in 2019 acquired the cookie, fruit and fruit-flavored snack, ice cream cone and pie crust businesses from Kellogg Co. More recently, the company in October said CTH, a Belgian holding company affiliated with the Ferrero Group, reached an agreement to acquire part of the Fox’s Biscuits business from 2 Sisters Food Group, which is part of Boparan Holdings Ltd., for approximately $317 million. The purchase of Fox’s will be the second European biscuit acquisition within 12 months by a Ferrero-related company. Last year, CTH acquired the Kelsen Group from the Campbell Soup Co. for $300 million. The Kelsen Group is a manufacturer of baked snacks sold under such brands as Kjeldsens and Royal Dansk.