The owner of Godiva chocolates is set to buy DeMet’s Candy Co., maker of Turtles chocolates, for $221 million.
The deal gives the buyer, Istanbul-based food and beverage company Yildiz Holding AS, a stronger foothold in the U.S. In addition to Godiva, which it bought from the Campbell Soup Co. (NYSE: CPB) in 2007 for $850 million, Yildiz also owns Turkish consumer goods companies Ulker Group.
The sale of DeMet’s also marks an exit for private equity firm Brynwood Partners, which formed the company in 2007—three years after it purchased chocolate-covered pretzel brand Flipz from Nestlé SA (VTX: NESN). DeMet’s currently operates across many manufacturing plants in the U.S.
DeMet’s chief executive Peter Wilson is slated join one of Brynwood’s funds once the transaction closes.
Jay Novak and Tim Larsen of Houlihan Lokey ran the sale process for DeMet’s.