Confectionery firm Ferrero has announced that it has entered into an agreement to acquire protein snack company Power Crunch from Bio-Nutritional Research Group.
Founded in 1996, Power Crunch offers a variety of protein-enhanced products, including snack bars, whey protein powder, and protein crisps, a newly-launched alternative to crisps.
Commenting on the move, Ferrero North America president & chief business officer Michael Lindsey said: “We’re thrilled to welcome Power Crunch to the Ferrero family and our ever-expanding portfolio of products in the U.S. The quality craftsmanship and thoughtful investment Ferrero applies to our portfolio has driven our success across categories. We look forward to applying the same formula to the better-for-you category, starting with the distinctive products produced by the exceptional Power Crunch team”.
Power Crunch founder & CEO Kevin Lawrence added: “Power Crunch joining Ferrero is an amazing opportunity. The company’s commitment to quality and ambitions in the better-for-you snacks category will help bring Power Crunch to more consumers than ever before”.
As part of the transaction, Ferrero will acquire an office site in Irvine (CA), bringing approximately 50 employees into the Ferrero group in North America.
The transaction is expected to close in in the coming weeks, subject to customary closing conditions.
Source: Ferrero (via PR Newswire) / Food Business News