Kista, Sweden — Strengthening its position in the UK market, Cloetta AB has begun the acquisition of Irish manufacturer Aran Candy Ltd., parent company of The Jelly Bean Factory, the Swedish firm reports.
Initially, 75 percent of the jelly bean maker’s shares will be purchased for $21 million, with the remaining quarter shares to be purchased in 2016 with a price based on 2015 target results, according to Cloetta.
Bengt Baron, CEO of the Swedish company, says: “The Jelly Bean Factory will support Cloetta’s profitable growth by adding an offering to the Munchy Moments within the sugar confectionery category. The Jelly Bean Factory has shown strong growth during the past year and the acquisition will significantly strengthen our position in the UK market. In addition, we intend to roll out the products in our current core markets in time.”
Jelly Bean Factory Managing Director Richard Cullen notes the acquiring firm’s focus on growing brands and strong routes to market in core regions will further strengthen and accelerate growth for the brand.