Italy: Monk’s brand acquired by Candy Factory

Candy Factory, a leading Italian confectionery manufacturing group, has acquired Monk’s, a historical brand of balsamic sweets produced by Akellas.

Manufactured in the Milan area since 1954, Monk’s candies are marketed in Italy and in some parts of Canada, Switzerland and Japan. With the acquisition, Candy Factory is reportedly aiming to bolster its international presence.

Candy Factory, which was formed in 2022 through the merger of Casa del Dolce and Linking, reported a 25% uplift in revenue in 2023 to around €60 million ($65 million), with 30% of the total coming from international sales.

Commenting on the transaction, Candy Factory managing director Marco Scurati said: “If we think in terms of numbers, in the coming years I am hoping to see a growth rate above 25% for the Monk’s brand. I am also targeting similar growth rates at a group level. Monk’s has an advantage: it is a small business – in terms of volume it producs just 500 tonnes for sale to Italy and overseas markets – so it can grow at a faster pace.”

Source: Il Sole 24 Ore