The Ferrero Group has announced a ‘definitive agreement pursuant’ to which it will acquire Eat Natural – the maker of high-quality cereal bars, toasted muesli and granola.
As part of the acquisition, The Ferrero Group will take over production facilities in Halstead, UK, and plans to retain the management and the employees of the businesses.
Ferrero also plans to maintain and further build Eat Natural’s “strong brand authenticity, while supporting the company with distribution and expansion to new markets and category segments opportunities”.
“Eat Natural are an excellent strategic fit for The Ferrero Group as we continue to expand our overall footprint and product offerings into the healthier snacking market segment. Eat Natural are a family-orientated company who share a number of the same values as us, and like us care deeply for our consumers, the environment and the communities in which we operate. I very much look forward to welcoming them to the Ferrero Group.”Giovanni Ferrero, Executive Chairman of the Ferrero Group, commented:
Eat Natural Co-founder, Praveen Vijh, added: “Ferrero is a fabulous company, and we are proud that they would like us to be part of their family. We have many shared ethics, and both have a vision to make healthier snacking available for everyone. Like us, they pride themselves on a commitment to ingredients, taste and storytelling. We can’t wait to get started.”
The transaction, subject to customary closing conditions and regulatory approvals, is expected to close in in the next months.
Davis Polk & Wardwell LLP served as legal advisor to Ferrero.