Cloetta completes Candyking acquisition

Swedish confectioner Cloetta has completed its previously announced acquisition of pick and mix confectionery supplier Candyking in a Skr325m ($36.7m) deal.

The transaction has a potential additional price of up to Skr225m ($25m).

With the completion of this acquisition, Cloetta expects to strengthen its position within the pick and mix category.

Originally announced by Cloetta on 17 February, the transaction was completed after receiving approvals from the Swedish Competition Authorities.

It is in line with the company’s strategy to grow within the category since it is a growing part of the confectionery market in various countries.

At time of the acquisition, Cloetta CFO Danko Maras said: “The acquisition of Candyking will significantly strengthen Cloetta’s position in Denmark, Norway and the UK.

“Cloetta will be able to develop the Candyking brand and product offering, in order to offer an attractive customer and consumer experience. The acquisition will also strengthen our position in natural snacks with the Parrot brand.”

The completion of the deal has made Cloetta owner of all shares in Candyking, as well as outstanding bond loans and other debt.

Candyking supplies confectionery products to nearly 8,000 retail outlets across seven countries.