Hive Bidco, a wholly-owned indirect subsidiary of US confectionery firm Mars, has signed an agreement to acquire Hotel Chocolat, a UK chocolate manufacturer and retailer, in a deal worth £534 million ($663 million).
Hotel Chocolat established its first store in North London nearly two decades ago, subsequently expanding to over 130 UK locations. The firm also has a presence in Japan and the Caribbean.
Commenting on the acquisition, Mars Snacking global president Andrew Clarke said: “Hotel Chocolat is a differentiated and much-loved brand, with an impressive product offering and a deep commitment to its values of originality, authenticity and ethical trading”.
“The Mars and Hotel Chocolat businesses are highly complementary, and during the course of our discussions with Hotel Chocolat’s leadership it has also become clear that there is a very strong cultural fit, with purpose at the heart of both organizations and a shared passion for quality and sustainability”, he added.
Hotel Chocolat CEO Angus Thirlwell said: “We know our brand resonates with consumers overseas, but operational supply chain challenges have held us back. By partnering with Mars, we can grow our international presence much more quickly”.
The deal is expected to close by the end of January 2024.
Source: Mars / FoodBev