Tedesco confirmed that agreement for the acquisition was reached towards the end of last month.
The deal will ensure that Ore Liete “an historic local brand, will stay in the Perugia region family”, Tedesco said. The company said Ore Liete would expand Tedesco’s existing GranArt biscuit brand and its Piselli cakes unit.
In March, Nestle declined to comment on “market rumours” that it planned to offload Italian hard candy brands Picchi di Sole, Fondenti, and Rossana, as well as pastry brand Ore Liete. However, the company suggested it was putting less focus on growing the products.
The deal, for an undisclosed sum, will also see FIDA take control of the Glacia, Fruttallegre and Lemoncella e Spicchi brands.