Nestlé’s US arm has offloaded its Turtles confectionery brand to US private equity firm Brynwood Partners.
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The sale, made for an undisclosed sum, was made through a newly formed company, DeMet’s Candy.
In a separate transaction, the private equity firm has also secured a deal to buy the Turtles production plant in Toronto from Nestlé Canada.
The agreements mean that Brynwood Partners is only buying the US rights to the Turtles brand. DeMet’s will produce Turtles in the Canadian facility to supply the US business and will supply Turtles to Nestle Canada under a long-term contract.
Moreover, Brynwood Partners said today (24 May) it would merge another of its businesses, Signature Snacks, with DeMet’s to form a combined confectionery company.
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By GlobalData“Revitalising undervalued brands through rigorous operational focus and strong marketing initiatives has been a key component of Brynwood Partners’ success,” said Henk Hartong III, managing partner at the private equity firm.
