CADBURY SCHWEPPES agrees acquisition of leading Romanian confectionery business
Cadbury Schweppes announces that it has acquired 93.32% of Kandia-Excelent S.A., a leading Romanian confectionery business, from Kandia NV, a private equity investment holding company managed by Meinl Bank AG. The gross assets of Kandia-Excelent at 31 December 2006 were RON153.3 million (approximately £32 million).
Kandia-Excelent, which is listed on the Bucharest Stock Exchange, is the second largest confectionery company in Romania, with a 20% market share in total confectionery. It has a number 2 position in the chocolate market with a 24% share, and a leading position in candy with a 32% share. 2007 sales are forecast to be approximately 50 million, with around two-thirds coming from chocolate and the majority of the remainder from candy. Kandia-Excelent has a single production facility in Bucharest and approximately 850 employees.
Todd Stitzer, Chief Executive Officer, said: The purchase of Kandia-Excelent is aligned with our strategy of pursuing bolt-on acquisitions to further strengthen our confectionery platform. Kandia-Excelent has a strong position in the Romanian confectionery market, which is worth over 300 million and grew 17% last year. This acquisition gives us an exciting opportunity to further develop their leading brands and leverage their strong routes to market.
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