One of Brazil’s leading chocolate producers, Garoto, has been acquired by Swiss giant Nestlé.

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The Swiss group is believed to have paid upwards of R$500m (US$212.8m) to acquire the company.


Chocolate represents more than 10% of Nestlé’s business in Brazil and is currently worth nearly R$600m, according to Gazeta Mercantil. The Swiss group currently enjoys a market share of around 37%, including the share it inherits with Garoto. The deal takes Nestlé ahead of former market leader Lacta, in second position with 26%.


Nestlé will retain the 25 production plants operated by Garoto throughout Brazil, and spend US$150m upgrading them.

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