CTH Invest, a Belgian holding company associated with confectionery major Ferrero, has announced that it has entered into exclusive negotiations to fully acquire the Michel et Augustin food and drinks brand from French consumer goods giant Danone.
Founded in 2004, Michel et Augustin markets biscuits, dairy products, fresh desserts and beverages. It was acquired by Danone in 2016.
In a statement, Ferrero said the planned acquisition would strengthen the Ferrero ecosystem in France and mark its latest purchase in the premium biscuits market, following the acquisitions of Burton’s Biscuit Company and Fox’s in the UK, Kelsen Group in Denmark and Delacre in Belgium.
Commenting on the move, Danone deputy CEO and chief financial officer Juergen Esser said: “Michel et Augustin is a much-loved brand, but it falls outside of our investment priorities, in the frame of our Renew Danone strategy. This is the best way to create long term value while giving Michel et Augustin the opportunity to thrive under the leadership of a Ferrero-related company”.
The proposed transaction is expected to be concluded in the coming months, subject to customary closing conditions.
Source: Ferrero / European Supermarket Magazine