US confectioners Farley's & Sathers and Ferrara Pan Candy Co. have merged, the companies have announced.
Farley's & Sathers' owner, the private-equity firm Catterton Partners, will hold a majority stake in the new confectioner, which will be called Ferrara Candy Co.
Catterton managing partner Scott Dahnke said: "The combination will leverage Ferrara Pan's and Farley's & Sathers' combined portfolio of iconic brands, collective knowledge and expertise, and broad supply chain to create a powerhouse in confections. As shareholders, we look forward to the significant upside that will result through this compelling combination."
There was speculation back in 2010 that Farley's & Sathers was up for sale. Reuters then reported that Catterton had hired investment bankers to help it find a buyer for Farley's & Sathers, which owns brands including Brach's.
Farley's & Sathers acquired sugar candy brand Brach's from Barry Callebaut in 2007.
Show the press release
Farley's & Sathers and Ferrara Pan Complete Merger
ROUND LAKE, Minn. and FOREST PARK, Ill., June 18, 2012 /PRNewswire/ -- Farley's & Sathers Candy Company, Inc. ("Farley's & Sathers") and Ferrara Pan Candy Company, Inc. ("Ferrara Pan") today announced that they have completed their previously announced merger. The combined company, which will be called Ferrara Candy Company, Inc., will be a leading general line candy manufacturer.
Salvatore Ferrara II, Chairman and CEO of Ferrara Candy Company, Inc., said, "We are pleased to complete the transaction, which creates a leader in our category. The new Ferrara Candy Company will offer a robust portfolio of branded and private label confections that consumers love, from Lemonheads® and Red Hots® to Trolli®, Brach's® and Now and Later®. Together, we are entering an exciting new chapter that will allow us to delight our customers with the same great products they know and love, while continuing to innovate our offerings. I want to thank the hard working employees of both companies for their support throughout this process and together, I am confident we will reach new heights."
Catterton Partners, the leading consumer-focused private equity firm, which owns Farley's & Sathers, will remain as a majority investor in the combined company.
"This transaction brings together the best products and people in the industry," said Scott Dahnke, Managing Partner of Catterton Partners. "The combination will leverage Ferrara Pan's and Farley's & Sathers' combined portfolio of iconic brands, collective knowledge and expertise, and broad supply chain to create a powerhouse in confections. As shareholders, we look forward to the significant upside that will result through this compelling combination."
