Turkey’s Yıldız Holding A.Ş. has signed a $221 million deal with US buyout firm Brynwood Partners to acquire DeMet’s Candy Company, Yıldız announced on Friday.
Turkey’s Yıldız Holding A.Ş. has signed a $221 million deal with US buyout firm Brynwood Partners to acquire DeMet’s Candy Company, Yıldız announced on Friday.
Yıldız Holding, having acquired Godiva in 2008, plans to expand its operations in the North American market with the purchase of DeMet’s, the maker of Flipz chocolate-covered pretzels and Turtles brand chocolate-covered nut clusters. DeMet’s existing distribution, production and sales channels will be used in coordination with Godiva’s current operations to sell other Yıldız Holding products.
Godiva owner Ülker is a subsidiary of Yıldız Holding and the Godiva purchase was a turning point that brought the company to the attention of the world food market.
Media outlets have mentioned that Brynwood is set to make more than four times the money it invested in DeMet’s with the sale. Brynwood bought DeMet’s from Nestle in 2003.
DeMet’s employs 200 people and has two factories, one in New York and one in Pennsylvania. It had $130 million in sales as of the end of 2012.
Yıldız Holding, Turkey’s largest food group, earlier this year also bought Spanish discount retailer Dia’s Turkish operation DiaSA for 136.5 million euros ($183 million).
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