Italy-based global confectionery major Ferrero Group has announced that it will acquire Eat Natural, the maker of high-quality cereal bars, toasted muesli and granola. The value of the deal has not been disclosed, according to a report by news agency PTI.
Eat Natural, a British cereal bars maker was created 23 years ago by two friends of the Indian origin – Preet Grewal and Praveen Vijh. It has now grown considerably in the healthier snacking segment.
The deal is expected to close in the coming months, said a joint statement adding that the transaction is subject to customary closing conditions and regulatory approvals.
As part of the transaction, Ferrero Group will take over Eat Natural’s production facilities in Halstead, UK, and plans to retain the management and the employees of the businesses.
“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 was quoted by PTI as saying.
Eat Natural Co-founder, Praveen Vijh told PTI, “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.”
On December 17, Ferrero Group announced that it will enter into a definitive agreement to acquire Eat Natural.
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