Ferrero has announced that it has signed a 'definitive agreement' to acquire Fulfil Nutrition, an Irish vitamin and protein bar producer.
The transaction, subject to customary closing conditions and regulatory approvals, is expected to close in the next months, Ferrero said in a statement. The value of the transaction has not been revealed, however media reports suggest that the business is worth around €150 million.
Based in Dublin, Fulfil operates direct sales into the UK, as well as distributing to other European and Asia Pacific markets.
'Strong Brand Authenticity'
In a statement, Ferrero said that it plans to 'maintain and further build Fulfil’s strong brand authenticity, while supporting the company and its distributors with innovation and expansion to new markets and category segments opportunities'.
As part of the transaction, the Nutella owner, which recently instigated a major product recall of its Kinder chocolate brand, plans to take over Fulfil's portfolio, while retaining the management, distribution structure and employees already in place.
'This move will enable Ferrero to expand in this relevant better-for-you market segment, meeting the evolving needs and trends of consumers,' the company added.
Confectionery giant Hershey took a minority stake in Fulfil in 2019, which in turn led to the business entering the US market.
Fulfil's Origins
The company was launched in 2016 and made sales of about €12 million in its first trading year, doubling the amount in the years after that.
Fulfil’s creators, Niall McGrath and Tom Gannon, developed the product to offer 100% of an adult's recommended daily allowance of nine vitamins to its consumers. At the time, McGrath explained that Fulfil is "the ultimate convenient and tasty treat, without any of the residual guilt from a chocolate bar."
Ferrero reported a 3.4% increase in turnover in its 2021 financial year.
© 2022 European Supermarket Magazine – your source for the latest A-Brands news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
