US investment firm Highlander Partners has acquired a portfolio of ten well known confectionery brands, including Milk Duds and Jolly Rancher.
It has bought the brands from Huhtamaki Oyj, a global food and beverage packaging company headquartered in Espoo, Finland. They will continue to be licensed to confectionery giant Hershey.
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The other brands purchased are Payday, Whoppers, Heath, Sixlets, Good & Plenty, Zero, Chuckles and Good & Fruity.
Dallas-based Highlander said the acquired assets will be held in a newly-created entity that is fully-owned by Highlander Partners and its affiliates.
Financial details of the transaction have not been disclosed.
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Highlander has previously made investments in the confectionery sector through its acquisitions of Bettera Brands, a holding company for Gimbal’s, a manufacturer of jelly beans and gummy vitamins, and Hillside Candy, a manufacturer of organic, sugar-free and medicated confections.
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In connection with Highlander’s latest transaction, Alex Guiva, a partner at the private-equity firm, said: “These are exceptional brands that are well known to everyone since childhood. Everyone has a favourite.
“Many generations grew up loving their taste and will continue to enjoy them. We are proud and excited to be involved with these iconic brands and view them as a great investment that uniquely fits Highlander’s long-term investment strategy.”
