Ferrero has announced that it has signed a ‘definitive agreement’ to acquire Fulfil Nutrition, an Irish vitamin and protein bar producer.
The transaction, subject to customary closing conditions and regulatory approvals, is expected to close in the next few months, Ferrero noted in a statement.
The value of the transaction has not been revealed, however, media reports suggest that the business is worth around €150 million.
Based in Dublin, Fulfil operates direct sales into the UK, as well as distributing to other European and Asian-Pacific markets.
‘Strong Brand Authenticity’
In a statement, Ferrero noted that it plans to ‘maintain and further build Fulfil’s strong brand authenticity, while supporting the company and its distributors with innovation and expansion to new markets and category segments opportunities.’
As part of the transaction, the Nutella owner, which recently instigated a major product recall of its Kinder chocolate brand, plans to take over Fulfil’s portfolio while retaining the management, distribution structure, and employees already in place.
‘This move will enable Ferrero to expand in this relevant better-for-you market segment, meeting the evolving needs and trends of consumers,’ the company added.
Confectionery giant Hershey took a minority stake in Fulfil in 2019, which, in turn, led to the business entering the US market.
“This incredible success has come as a result of disrupting the traditional snacking market by delivering great-tasting bars with nutritional benefits – high protein, low sugar, and essential vitamins,” Brian O’Sullivan, CEO of Fulfil Holdings, said at the time.
The protein bar-maker noted in a statement that the partnership with the US company will further propel its phenomenal growth and disruption of the snacking market across Europe and Australia.
First Trading Year
The company was launched in 2016 and made sales of about €12 million in its first trading year, doubling the amount in the years after that.
Fulfil’s creators, Niall McGrath and Tom Gannon, developed the product to offer its consumers 100% of an adult’s recommended daily allowance of nine vitamins.
At the time, McGrath explained, “[Fulfil is] the ultimate convenient and tasty treat, without any of the residual guilt from a chocolate bar.”
Fulfil landed in the Checkout Top 100 Brands issue at a highly respectable 68th place in 2017.