Swedish ingredient group Bayn Europe, has announced the acquisition of Tweek, a reduced-sugar candy manufacturer for SEK$45 million (EUR€4.23 million).
Founded in 2016, Tweek makes low-sugar candies, using fibre instead of common sweeteners to produce its goods. Today, with a market share of about 30% in Sweden, the company is one of the market leaders in the candy sector.
According to sources, the acquisition is in line with the Bayn Europe strategy to “actively identify, evaluate and acquire interesting food-tech companies”.
Simon Petrén, VP and M&A manager of Bayn Europe, said: “The acquisition of Tweek has a perfect strategic fit for Bayn, where we now become a leading player for sugar-reduced candy products in Europe. With our strengthened market position and combined efforts, we will have a strong position in the functional-food part of the candy shelf and continue to lead the development forward”.
Sources: Food Navigator