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Ferrero SpA, the maker of Nutella and premium chocolates, has acquired Wells Enterprises, which owns the Halo Top ice cream brand. The Italian manufacturer of branded chocolate and confectionery products made the purchase to further expand its business in North America.
Ferrero and Wells Enterprises announced their acquisition deal on Wednesday, Dec. 7, but did not disclose the terms, including financial details. As per CNBC, the transaction between the companies is expected to close in the first quarter of 2023.
The second biggest chocolate manufacturer and confectionery company in the world already boasts of a portfolio filled with globally popular brands such as Nutella, Tic Tac, and Kinder. With the deal, the company will be able to boost its presence in the North American market as well.
It was reported that Ferrero has been pushing to expand in the said region and has been working for this in the last five years. It is hoping to reach its goal through acquisitions, so its purchase of Wells Enterprises is a strategic move that will help the company kickstart its expansion in North America.
Prior to this deal, Ferrero also bought Fannie May Confections Brands in 2017, and in 2018, it acquired Kellogg’s cookies and snack unit and Nestle U.S.’s candy business. In any case, Reuters reported that the acquisition of Wells Enterprises truly fits into the Nutella maker’s strategic growth ambitions for its own ice cream business.
"We are a 100-year-old company focused on adapting for the next 100 years and Ferrero is a like-minded company with a commitment to providing high-quality, premium sweet-packaged food products that bring joy to consumers around the world," Wells Enterprises’ chief executive officer, Mike Wells, said in a press release. “This acquisition puts the business in the best possible hands, and I look forward to supporting the entire Wells team and Ferrero with the transition."
Ferrero Group’s executive chairman, Giovanni Ferrero, also said, "I am delighted that Wells has agreed to join the Ferrero Group. This represents a win-win partnership, bringing together ice cream experts and confectionery champions. I strongly believe that Wells and Ferrero are the perfect match and would like to thank Mike Wells and the Wells family for entrusting ownership of this great company to us."
Photo by: Jonathan Borba/Unsplash
