Ferrero, the makers behind cult-favorite Nutella, are expanding with the acquisition of Fox’s Biscuits in order to develop its cookie business in Europe.
Although Ferrero declined to comment on the value of the transaction, a source close to the matter explained to Reuters that the deal was worth roughly £250 million ($323 million).
In recent years, Ferrero has added other European biscuit makers such as Kelsen Group and Delacre. As the market for snacking and sweets continues to drive demand, this acquisition of Fox’s Biscuits further positions Ferrero to tackle category growth in this sector.
How will this deal change the tides for Ferrero? Will we soon see development in Nutella biscuits? Fingers crossed as we watch the wire.