Catterton Partners, the consumer-focused private equity firm, will see its Farley’s & Sathers merge with Ferrara Pan Candy Co. and maintain a control stake. Terms of the deal were not specified.
Farley’s & Sathers Candy Company, Inc. (“Farley’s & Sathers”) and Ferrara Pan Candy Company, Inc. (“Ferrara Pan”) today announced the signing of a definitive merger agreement under which the two companies will combine to create a leading general line candy manufacturer. The combined company, Ferrara Candy Company, Inc., will maintain the century-old Ferrara name and will be led by longtime industry leader Salvatore Ferrara II, the Chairman and CEO of Ferrara Pan. Terms of the transaction were not disclosed.
Ferrara Pan manufactures both branded and private label confections including Lemonheads®, Red Hots®, Black Forest®, Atomic Fireballs® and Boston Baked Beans®. Farley’s & Sathers is a leading manufacturer and distributor of quality confectionery and gum products including Brach’s®, Now and Later®, Trolli®, Jujyfruits® and Chuckles®. The combination will leverage Ferrara Pan’s and Farley’s & Sathers’ combined portfolio of products, collective knowledge of confections, category management expertise, and broad supply chain to offer superior branded and private label solutions to their customers and consumers.
“This transaction brings together two well-positioned candy companies with iconic brands and loyal consumer and customer followings to create a category leader,” said Mr. Ferrara, Ferrara Pan’s CEO. “Farley’s & Sathers has significant expertise in confections and a strong portfolio of brands that connect with consumers, and both companies have outstanding teams of hard working employees. I look forward to working with the combined team to leverage our joint expertise to continue to delight our customers with our current confections and innovate to develop new offerings.”
Catterton Partners, the leading consumer-focused private equity firm, which owns Farley’s & Sathers, will remain as a majority investor in the combined company.
“We are very proud of the many accomplishments of Farley’s & Sathers since our investment in 2002,” said Scott Dahnke, Managing Partner of Catterton Partners. “Through both organic growth and strategic acquisitions, as well as enhanced marketing and distribution strategies and new product introductions, Farley’s & Sathers has experienced significant growth and satisfied the desires of loyal consumers and retailers alike. Together with Ferrara Pan, this combination portends an exciting future and will allow the combined company to continue to grow faster, increase efficiencies, and take innovation to the next level. As shareholders, we are confident that this merger will be a great success.”
The transaction remains subject to applicable regulatory approval and satisfaction of other customary closing conditions.
About Farley’s & Sathers Since its inception on February 20, 2002, Farley’s & Sathers Candy Company, Inc. has become one of the top 25 manufacturers of confections in the world. Headquartered in Round Lake, Minnesota, Farley’s & Sathers Candy Company, Inc. is a leading manufacturer and distributor of quality confectionery and gum products, offering full line, full service opportunities to all classes of trade in the United States. The company’s success in the industry, experience with acquisitions, and significant capital resources established Farley’s & Sathers Candy Company as a leader in the confection industry. Farley’s & Sathers Candy Company has developed its business both through internal growth and through the acquisitions of famous confectionery brands, including FARLEY’S®, SATHERS®, HEIDE®, JUJYFRUITS®, NOW AND LATER®, BOBS®, SWEET STRIPES®, SUPER BUBBLE®, FRUIT STRIPE®, RAIN-BLO®, TROLLI®, CHUCKLES®, AND BRACH’S®. For a complete list of our famous brands, check out our legal section under “All about Farley’s & Sathers”.
About Ferrara Pan Candy Company Ferrara Pan Candy Company was founded by Salvatore Ferrara in 1908 and began as a manufacturer of Italian pastries and sugar coated candy almonds. In 1919, Salvatore Ferrara, Salvatore Buffardi and Anello Pagano, brothers-in-law, formed a partnership to engage in the manufacturing of a wide variety of confections and the same families continue to own and manage the Ferrara Pan Candy Company today. The company is well known within the industry as being a world class leader in manufacturing and processing. Using the very finest, pure, wholesome ingredients, Ferrara Pan manufactures both branded and private label confections that consumers love, including Lemonheads®, Red Hots® and Black Forest® gummies. For more information, please visit the company’s website, www.ferrarapan.com.
About Catterton Partners With more than $2.5 billion currently under management and a twenty-three year track record of success in building high growth companies, Catterton Partners is the leading consumer-focused private equity firm. Since its founding in 1989, Catterton has leveraged its category insight, strategic and operating skills, and network of industry contacts to establish one of the strongest private equity investment track records in the middle market consumer industry. Catterton Partners invests in all major consumer segments, including Food and Beverage, Retail and Restaurants, Consumer Products and Services, Consumer Health, and Media and Marketing Services. Catterton’s investments include: Restoration Hardware, Cheddar’s and Noodles restaurants, Frederic Fekkai, Build-A-Bear Workshop, Kettle Foods, Odwalla and P.F. Chang’s China Bistro. More information about Catterton Partners can be found athttp://www.cpequity.com.