Wednesday, May 28 14:43:41
Irish confectionery firm, Aran Candy, producers of "The Jelly Bean Factory” branded products, has been acquired by Swedish based confectionery company Cloetta for E15.9m.
Founded in 1998, by father and son team Peter and Richard Cullen, Aran Candy Ltd has grown to become Europe's leading producer of gourmet jelly beans, exporting 97pc of production to over 50 countries.
Producing over 12 million jelly beans a day at its manufacturing facility in Blanchardstown, Dublin, the company has 70 employees.
Managing Director, Richard Cullen said, "This is a very exciting opportunity for The Jelly Bean Factory. We are very pleased to become part of the Cloetta Group. With Cloetta's focus on brands and strong routes-to-market in their core markets, I am convinced we will be able to further strengthen and accelerate the growth of The Jelly Bean Factory brand".
"Jelly Beans" are known as a product to consumers world-wide, and the acquisition of The Jelly Bean Factory will support Cloetta's profitable growth by adding an offering to the Munchy Moments within the sugar confectionary category. The Jelly Bean Factory has shown strong growth over the last years and the acquisition will significantly strengthen Cloettas' position in the UK market. In addition, we intend to roll out the products in our current core markets over time," said CEO of Cloetta, Bengt Baron.
Richard Cullen will continue as Managing Director of Aran Candy Ltd, and will oversee its future development.
"Cloetta are a very good fit for the brand, and the culture and core values of Cloetta match very well with those of The Jelly Bean Factory, this is a very exciting and positive development," Mr Cullen added.
Aran Candy was advised on the transaction by Pegasus Capital.