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Mars Incorporated announced it has joined the bid to acquire British chocolate manufacturer and cocoa grower, Hotel Chocolat, for $662 million or about £534 million in pound currency. If it pushes through, the deal is expected to help Mars grow its global business further.
On the other hand, Hotel Chocolat said that this deal would also allow its brand to scale up even more and faster. The company’s CEO, Angus Thirlwell, said they know that their brand reverberates with customers overseas; however, “operational supply chain challenges have held us back,” and this is why the acquisition will be advantageous.
How the Partnership with Mars Can Drive Growth
As per BBC News, most of Hotel Chocolat’s stores are based in the United Kingdom. It has 124 outlets and only a few are operating outside of the country. Thirlwell explained that by joining forces with Mars, they can boost their global presence more rapidly using their expertise and experience in business.
After the announcement of Mars Inc.’s acquisition bid, the share price of Hotel Chocolat reportedly surged by more than 160% to 365.21 pence. This is a good start, as the company’s venture overseas has been problematic and only resulted in losses.
It was reported that last year, Hotel Chocolat was forced to shut down its five stores in the U.S. The closures cost the company some £3.5 million; thus, its foray into the overseas market was not exactly successful.
Hotel Chocolat Set to Accept Mars’ Proposal
Hotel Chocolat was established two decades ago, and while its global efforts have been problematic, it has not given up its expansion ambitions yet. In fact, it is reportedly looking forward to the deal with Mars Inc.
Finally, Reuters reported that both Hotel Chocolat's CEO Angus Thirlwell and co-founder, Peter Harris, said they would accept Mar’s offer. And since each of them owns 27% of the equity, the acquisition agreement will give them £144 million each.
Photo by: Abir Hiranandani/Unsplash
