LUXEMBOURG, Dec. 17, 2020
LUXEMBOURG, Dec. 17, 2020 /PRNewswire/ -- 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.
Ferrero began its story in the little town of Alba in Piedmont, Italy, in 1946. Today, with a consolidated turnover of over 11.4 billion euros, Ferrero is amongst the market leaders of the Sweet Packaged Foods market worldwide.
The Ferrero Group is present throughout the world with more than 44,000 people and 31 production plants. Ferrero is the producer of many brand icons that are loved generation after generation, including Nutella, Ferrero Rocher, Tic Tac, Kinder and Raffaello, which are present and sold in more than 170 countries.
Product freshness and high quality, the careful selection of the finest raw materials, sustainable agricultural practices and continuous research and innovation are some of the key elements of Ferrero's success.
About Eat Natural
Eat Natural was created 23 years ago by friends Preet Grewal and Praveen Vijh and has grown to be a considerable force within healthier snacking.
Since day one, they've never used any preservatives or ingredients you wouldn't find in your cupboard at home. It is still made pretty much the same way it always has been, in small batches, mainly by hand.
Today, the brand employs over 300 people making both fruit and nut bars and cereals in their 'Makery' in Halstead, Essex. Eat Natural is a leading brand in the UK, where it is available in all major UK supermarkets, health stores, corner shops and petrol stations.
The original idea behind Eat Natural remains the same to this day: wholesome, hand-made and with an uncompromising focus on taste.