Ferrara Candy Company announced that it will acquire Jelly Belly Candy Company through CTH Invest, Ferrara's lead holding company. Financial terms of the transaction were not disclosed.
The proposed acquisition would combine Jelly Belly Candy Company’s more than 100 flavors of Jelly Belly jelly beans and gourmet specialty confections with Ferrara’s broad portfolio of sugar candies. Once the acquisition closes, nearly 800 global Jelly Belly employees and its facilities in California, Illinois, and Thailand will join the Ferrara organization. Jeff Brown, who is currently the executive vice president of global operations and distribution of Jelly Belly, will become its chief executive officer.
Jelly Belly Candy Company’s roots date back to its founding in Illinois in 1869 and it has continued to be family-owned and operated by the fourth, fifth, and sixth generations of the Rowland candy-making family. Its signature brand of Jelly Belly jelly beans has been one of the most recognizable candy products in the world since its introduction in 1976. Its extensive portfolio includes more than 100 flavors of its well-known jelly beans and a wide variety of other candies. The company is also well-known for its specialty retail confections, including jelly bean lines such as BeanBoozled jelly beans and Sport Beans Energizing jelly beans. Today, Jelly Belly distributes its products in more than 60 countries across five continents and has a strong track record of sustained and profitable growth.
Headquartered in Chicago for more than 115 years and privately owned, Ferrara is the manufacturer of 20 brands such as Black Forest, Nerds, Sweetarts, and Trolli. Ferrara is a Ferrero-related company.
“As we considered the future of Jelly Belly Candy Company, we have been steadfast in our commitment to create a win-win situation for our employees, consumers, and products,” said Herman Rowland, senior chairman of the board of directors of Jelly Belly. “When I met with the Ferrara team, I recognized a like-minded group that shares our knowledge and passion for the candy business and has the talent and resources to grow our products and the careers of our people around the world. I am confident of the continued success of Jelly Belly as part of the Ferrara portfolio.”
“Since our inception almost a century and a half ago, Jelly Belly Candy Company has been focused on providing exciting new flavors and continuous innovation, and we are extremely proud of the deep affinity we’ve built with our fans around the world,” said Lisa Brasher, president and chief executive officer of Jelly Belly. “Ferrara’s interest reflects the substantial value of our storied brand, built on our team’s many successes, and the opportunity to drive continued growth. We look forward to being a part of this impressive company.”
“We are excited to bring Jelly Belly’s imaginative products and talented team into the Ferrara community,” said Marco Capurso, chief executive officer of Ferrara. “Our dedication to creating high-quality, innovative sugar confections for the world and our deep relationships with retailers aligns perfectly with the Jelly Belly track record and passion for quality, reliability, and customer service. We look forward to working together to build on the success of all our brands.”
The transaction is expected to close by the end of 2023 and is subject to certain closing conditions.
Raymond James acted as exclusive financial advisor and Foley & Lardner LLP served as legal counsel to Jelly Belly. Davis Polk & Wardwell LLP served as legal counsel to Ferrara Candy Company.
Ferrara, a division of Ferrero Group, is on the current Candy Industry “Global Top 100 Candy Companies” list. Click here to view the current “Global Top 100” rankings.
