Ferrero acquires Irish protein bar group Fulfil Nutrition
International confectionery group Ferrero has acquired Irish protein bar group Fulfil Nutrition in an all-cash transaction.
The deal will see the Italian chocolate giant take over all Fulfil’s business outside North America, which Fulfil founder Barry Connolly and Hershey will continue to control. US company Hershey bought a minority stake in the business in 2019.
Ferrero issued a brief statement confirming the two sides had reached a “definitive agreement”. No price was confirmed but industry sources suggest the business would be worth more than €150 million.
Ferrero, the maker of Kinder Chocolate and Nutella, said the deal would enable it to expand in a new market segment, “meeting the evolving needs and trends of consumers”.
“As part of the transaction, the Ferrero Group will take over the brand’s iconic portfolio and plans to retain the management and the employees of the business,” the company said. Fulfil employs about 40 staff in Ireland and Britain.
The deal is subject to competition authority approval and is expected to close in the next few months.