Cadbury Schweppes has followed up its gum acquisition in Turkey with a deal to buy a controlling stake in a confectionery firm in Romania.
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Cadbury said today (8 June) that it has bought over 93% of Kandia-Excelent, Romania’s number two confectioner.
The UK-based confectionery giant bought the stake from a private equity group owned by Austria’s Meinl Bank. Financial details on the deal were undisclosed.
Cadbury, however, said the gross assets of Kandia-Excelent are worth around RON153.3m (US$62.5m). The company accounts for 20% of total confectionery sales in Romania and leads the country’s candy sector. Kandia-Excelent’s single production site is the Romanian capital of Bucharest.
Cadbury CEO Todd Stitzer said: “Kandia-Excelent has a strong position in the Romanian confectionery market, which is worth over EUR300m (US$400.8m) and grew 17% last year.
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By GlobalData“This acquisition gives us an exciting opportunity to further develop their leading brands and leverage their strong routes to market.”
Yesterday, Cadbury revealed that it has agreed to buy Turkish gum business Intergum for US$450m.
