Cloetta and Leaf to merge
Swedish confectionary company Leaf, owned by Nordic Capital and CVC, has merged with OMX-listed Cloetta. The deal values Leaf at €755 million.
The companies note that the merger will combine two strong companies, creating a full range of confectionery products by combining Cloetta’s strength in the chocolate segment with Leaf’s operations within the sugar confectionery segments. The portfolio includes Kexchoklad, Läkerol, Polly, Ahlgrens bilar, Plopp, Malaco and Cloetta in Scandinavia, Jenkki in Finland, Sperlari and Saila in Italy and Red Band and Sportlife in the Netherlands.
Bengt Baron, the current CEO of Leaf, will be CEO and Lennart Bylock will become the Chairman of the Board of Directors of new Cloetta. Both men were previously members of Cloetta Fazer’s Board of Directors.
“The new Cloetta will offer a full range of strong brands, and a very strong route to market in the Nordic countries as well as in Italy and in the Netherlands. In an industry where the brand is nearly as important as the taste of the product, this transaction makes both industrial and strategic sense,” says Baron.