German food company Zertus has struck a deal to buy UK confectioner and snack firm Zetar.
Zertus and London-listed Zetar announced an agreement valuing the UK firm at GBP43.7m.
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The German company is paying 297p per Zetar share, which equated to a 23.6% premium on the snack group’s closing share price on Thursday, the companies said in a stock exchange announcement late on Friday afternoon (5 October).
Zertus has interests in the confectionery sector in mainland Europe. It says its Kalfany unit is the “largest manufacturer of tinned candies” in Europe. A second subsidiary, Süße Werbung, makes “personalised confectionery”, Zertus’s website says.
Zetar makes private-label confectionery and snacks for retailers in the UK and, more recently, in France. It also sells licensed products under brands including Tango and Guinness.
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It reported sales of GBP128m for the year to 30 April. The figure was a 5% fall on the previous year but in July CEO Ian Blackburn told just-food Zetar believed it could generate growth of 20% in the next three years. Zetar’s adjusted pre-tax profits for the year were down 17.5% at GBP5.5m.
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