Italy-based global confectionery major Ferrero Group will enter into a definitive agreement to acquire the British cereal bars-maker Eat Natural. However, the value of the deal has not been disclosed.
The deal is expected to close in the coming months. The transaction is subject to customary and regulatory approvals, said a joint statement.
Ferrero Group with a consolidated turnover of over 11 billion euros, will take over Eat Natural’s production facilities in Halstead, UK.
“Eat Natural are an excellent strategic fit for the Ferrero Group as we continue to expand our overall footprint and product offerings into the healthier snacking market segment,” Ferrero Group Executive Chairman Giovanni Ferrero said.
Eat Natural Co-founder, Praveen Vijh said, “Ferrero is a fabulous company and we are proud that they would like us to be part of their family. We have many shared ethics, and both have a vision to make healthier snacking available for everyone.”
It must be noted here that Eat Natural was created about two decades ago by two friends of the Indian origin. It has now grown remarkably in the healthier snacking segment.