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.
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.
On December 17, Ferrero Group announced that it will enter into a definitive agreement to acquire Eat Natural.
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 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."
Ferrero, with a consolidated turnover of over 11.4 billion euros, is amongst the market leaders of the sweet packaged foods market worldwide.
It is the producer of many iconic brands including Nutella, Ferrero Rocher, Tic Tac, Kinder and Raffaello, which are sold in over 170 countries.
Eat Natural employs over 300 people making both fruit & nut bars and cereals in their 'Makery' in Halstead, Essex. Eat Natural is a leading brand in the UK, where it is available in all major supermarkets, health stores, corner shops and petrol stations.