Candy maker Ferrero to buy Halo Top owner, expanding North American business

Candy shaper Ferrero is buying Wells Enterprises, the crystal pick elephantine that owns Blue Bunny, Blue Ribbon Classics and Halo Top.

The 2 privately held companies did not disclose fiscal presumption of the woody successful their announcement connected Wednesday. The transaction is expected to adjacent successful aboriginal 2023.

Ferrero's portfolio already includes Kinder, Tic Tac and Nutella, but the European institution has been pushing into North America done acquisitions implicit the past 5 years. It bought Fannie May Confections Brands successful 2017 and Nestle's U.S. candy concern and Kellogg's cookies and effect snacks part successful 2018.

Comfort nutrient staples similar crystal pick and candy saw their income soar during the pandemic arsenic consumers looked for ways to dainty themselves. The National Confectioners Association said retail sales of cocoa and different candy deed a record $36.9 cardinal past year. For its part, Ferrero reported planetary consolidated gross of 12.7 cardinal euros ($13.3 billion) successful its fiscal twelvemonth ended Aug. 31, 2021.

Mike Wells, a third-generation subordinate of the founding household and existent main executive, volition service arsenic an advisor connected the transition. Wells President Liam Killeen volition win him arsenic CEO, but the remainder of the existing enactment squad is expected to remain.

Wells Enterprises was founded successful 1913 and has grown to beryllium the second-largest crystal pick institution successful the U.S., trailing lone Ben & Jerry's proprietor Unilever. Wells makes much than 200 cardinal gallons of crystal pick annually and has much than 4,000 employees.