Yildiz Holding secures US stronghold with $221m DeMet’s Candy Company buy

DeMet's candy brands Turtles, Treasures and Flipz snapped up by Godiva owner Yildiz Holding

Turkish firm Yildiz Holding has strengthened its presence in the US by acquiring Turtle’s and Flipz owner DeMet’s Candy Company.

Yildiz, owner of Godiva and Ülker, acquired DeMet’s from private equity firm Brynwood Partners for $221m.

DeMet’s was established by Brynwood in 2007 after it purchased confectionery brands Turtles, Treasures and Flipz from Nestlé USA.

In-roads to US market

Jim Zaza, vice chairman of the Board of Directors at Yildiz Holding told ConfectioneryNews: "North America is an important part of Yildiz' international expansion.  The DeMet's Candy Company was identified as a business that has strong and well recognized brands in the United States distributed through major retail and FDM customers with significant opportunities for growth and expansion.

"Over the last one year, the Business Development and Corporate Strategy teams of Yildiz Holding had identified and reviewed several acquisition targets in North America. The DeMet's Candy Company was a very clear and strong fit with Yildiz' strategic objectives and intent; Strong and well recognized brands, wide distribution reach, consistent growth and a very strong and experienced team."

DeMet’s is headquartered in Stamford, Connecticut. It operates two manufacturing plants and employs 200 people.

DeMet’s current CEO, Peter Wilson, will join Brynwood Partners when the deal closes this month, but the rest of the DeMet’s management team will remain in place.

Days after Brynwood divested DeMet's it announced that one of its portfolio companies, Back to Nature Foods, had bought out Mondelez's stake in joint venture cookies and snacks business SnackWell’s. See HERE.

Yildiz's other businesses

Yildiz Holding already has a manufacturing presence in the US through its Godiva business – but China, the Middle East, North Africa and Turkey have been earmarked as the international growth priorities for the Godiva brand.

Yildiz Holding’s Ülker business comprised of chocolate, cake and biscuit brands, reported a16.1% sales boost in the first half of 2013 to TL 1.3bn ($671m). However, the confectionery subsidiary’s net profit was down 3.9% to TL 111 million ($573m).

Yildiz expects the Ülker business to post full year net sales of TL 2.6bn ($1.3bn) and an 11-11.5% EBITDA margin.

Related News

Yildiz Holding sponsors PACTS program

Yildiz Holding makes social investment in sustainable cocoa

Godiva takes legal aim at Lady Godiva pub

Hands off our legendary brand – Godiva takes legal aim at pub

Beyond chocolate and biscuits: Beanstalk to take Yildiz brands to desserts, ice creams and restaurant menus. Photo: Yildiz

Godiva and McVitie’s moving to new food categories

Ülker sale intended to increase liquidity on Turkish stock exchange

UPDATED: Yildiz Holding sells 20% stake in Ülker as Godiva thrives

Ülker reports chocolate growth in H1 2013

Ülker reports chocolate growth in H1 2013

Ulker makes Turkish delight out of Godiva

Submit a comment

Your comment has been saved

Post a comment

Please note that any information that you supply is protected by our Privacy and Cookie Policy. Access to all documents and request for further information are available to all users at no costs, In order to provide you with this free service, William Reed Business Media SAS does share your information with companies that have content on this site. When you access a document or request further information from this site, your information maybe shared with the owners of that document or information.