(Finance) – The group Ferreroproducer of Nutella, has signed an agreement to acquire Wellsthe largest family-owned ice cream company in the world, which operates under the Blue Bunny, Blue Ribbon Classics, Bomb Pop and Halo Top brands. The acquisition, which is expected to close in early 2023, is part of Ferrero’s strategic growth ambitions for the ice cream category and Wells’ vision for accelerated growth.
This deal the expansion of the Ferrero group in North America continues following the acquisitions of Fannie May (2017), a former US confectionary company of Nestlé and the biscuit and fruit snack businesses of the Kellogg company (2018). Strong growth has resulted in Ferrero and its related parties having more than 8,000 employees, 9 offices and 18 factories in North America.
Ferrero has registered a revenue consolidated revenue of €12.7 billion in the fiscal year ended August 31, 2021. Wells plans to register a revenue more than $1.7 billion this year. Financial terms of the transaction were not disclosed.
“I am delighted that Wells has agreed to join the Ferrero group – said Giovanni Ferrero, executive chairman of the Ferrero group – This represents a win-win partnership, which brings together ice cream experts and pastry champions. Together, we have more strength and are well positioned to grow and compete in the ice cream market.”