Colombina, the Colombian food multinational, has announced the acquisition of Spanish confectionery firm Fiesta for €16.88 million ($19.27 million).
Established for over 50 years, Fiesta produces sweets and other confectionery products under brands such as Kojak, Piruleta, Fresquito and Lolipop. It operates a production facility in Alcala de Henares which employs around 124 staff.
Through the acquisition of a leading firm with an excellent distribution network, Colombina will be able to strengthen its position in the confectionery market in Spain, the company said.
Commenting on the move, Colombina president César Caicedo added: “Spain is undoubtedly a market of strategic importance for Colombina, and this strategic acquisition represents a platform to grow our business in the country and to expand further into European and African markets”.