Ferrero has moved to expand its presence in Brazil with a deal for protein-bar firm Bold Snacks.

Daniel Martinez Carretero, the Luxembourg-headquartered giant’s CFO, described the deal as the Nutella maker’s “first foray into the better-for-you segment in South America”.

Bold Snacks, set up in 2018, has also recently started selling whey powders. The company has an office and factory in Divinópolis in eastern Brazil. Around 300 employees are expected to join Ferrero, the Kinder Bueno brand owner said. Financial details were not disclosed.

“Becoming part of Ferrero is an amazing opportunity for our business and our people,” Bold Snacks founder and CEO Gabriel Ferreira said.

Ferrero would not disclose Bold Snacks’ sales but a spokesperson said its new asset had “seen strong growth from the start”.

Asked why Ferrero had struck the deal, the spokesperson added: “This planned acquisition is fully aligned with our long-term strategy to diversify our portfolio and strengthen our presence in fast-growing product categories that respond to evolving consumer preferences, thus reflecting our ongoing commitment to offering a broader range of products across different segments.”

Ferrero already has a plant and office in Brazil. Affiliated US company Ferrara has four factories and two offices in the country after 2023’s acquisition of Brazilian sweets maker Dori Alimentos.

Chicago-based Ferrara is the company behind brands such as Brach’s, Nerds and and Trolli. Family-owned Ferrero describes Ferrara as a “Ferrero-related company”. Both have the same shareholder but Ferrara is not consolidated into the Ferrero group.