Darell Lea, an Australian confectionery firm, has been acquired by the investment fund Quadrant Private Equity for A$200 million ($160 million), according to a Foodbev report.
The sweetmaker, whose fortunes have been revived since being placed in voluntary administration in 2012, is the manufacturer of products such as Rocklea Road, Soft Eating Liquorice and Little Brittle. The firm operates two production sites and has more than 200 employees.
Commenting on the acquisition, Quadrant Private Equity chairman Chris Hadley said: “Darrell Lea is one of the most iconic consumer brands in Australia with a proud heritage of producing high-quality confectionery for over 90 years. We are excited to be investing in the business and believe there are significant opportunities to implement growth and strategic initiatives to enhance the brand and product in Australia and throughout the world”.
Darrell Lea CEO Tim York added: “Over the past few years, Darrell Lea has undergone a significant acceleration of growth that has built strong market position within its key segments. Despite our growth we have preserved the long, unique and proud heritage of the brand for quality and innovation. We believe Quadrant is the right partner to assist the team over the next phase of growth”.
Source: Foodbev / Darrell Lea