Buchs, Switzerland — Premier Swiss chocolatier and gum manufacturer Chocolat Frey AG is establishing its U.S. market presence by acquiring a majority share of SweetWorks, Inc. for an undisclosed price, the company
Buchs, Switzerland — Premier Swiss chocolatier and gum manufacturer Chocolat Frey AG is establishing its U.S. market presence by acquiring a majority share of SweetWorks, Inc. for an undisclosed price, the company reports.
The acquisition is retroactive from January 1, 2014, and consolidates all North American market activities of both firms under Chocolat Frey’s aegis. In its announcement, Chocolat Frey cites the complementary business models and assortment structures of the two manufacturers as rationale for the acquisition.
SweetWorks and its Canadian subsidiary, Oak Leaf Confections Co., will continue to operate as an independent group of companies, and production activities and staff will remain unchanged, according to Chocolat Frey. In addition, SweetWorks’ Owner, CEO and President Philip Terranova will continue in his current capacity.
Explaining the acquisition represents a major investment for Frey, Terranova tells Candy & Snack TODAY he doesn’t anticipate major changes to the business. “The immediate plan is for SweetWorks to continue the success we’ve experienced so far, particularly with our Sixlets and Celebration by SweetWorks brands, and we will slowly begin to incorporate elements of the Frey line,” he says. “We’re looking forward to developing the partnership.”
One of the Migros Group’s M-Industry companies and the leading Swiss chocolate manufacturer, Chocolat Frey has more than 125 years’ expertise in premium chocolate manufacturing and pioneered the use of technology in production.