Sweden-based confectionery giant Cloetta has acquired Ireland’s Aran Candy, the company behind candy brand The Jelly Bean Factory.
Cloetta has agreed to pay SEK140m (US$21.1m) for 75% of Aran Candy. The deal will see it buy the rest of the business in 2016. Cloetta said the price it would pay for the second chunk of Aran Candy would be “based on 2015 result targets”.
Aran Candy, set up in 1998, sells jelly beans under The Jelly Bean Factory brand. Last year, the brand generated around SEK100m in sales, Cloetta said.
Cloetta described the UK as the “core market” for The Jelly Bean Factory. Bengt Baron, Cloetta’s CEO, said the brand had “shown strong growth over the last years” and would “significantly strengthen Cloetta’s position in the UK market”. He added: “We intend to roll out the products in our current core markets over time.”
The Jelly Bean Factory brand is available in markets including Ireland, Germany, US, Canada and the Middle East.
Richard Cullen, Aran Candy’s MD and who set up the business with his father, said: “With Cloetta’s focus on brands and strong routes-to-market in their core markets, I am convinced that we will be able to further strengthen and accelerate the growth of The Jelly Bean Factory brand.”
Cullen will stay on as MD, Cloetta said.