{"id":58755,"date":"2023-09-08T23:46:41","date_gmt":"2023-09-09T03:46:41","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/nestle-goes-upmarket-with-deal-for-brazil-chocolate-maker\/"},"modified":"2023-09-08T23:46:43","modified_gmt":"2023-09-09T03:46:43","slug":"nestle-goes-upmarket-with-deal-for-brazil-chocolate-maker","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=58755","title":{"rendered":"Nestle goes upmarket with deal for Brazil chocolate maker"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The company’s logo is seen at a Nestle plant in Konolfingen, Switzerland September 28, 2020. REUTERS\/Arnd Wiegmann\/File Photo<\/span>
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By John Revill<\/p>\n

ZURICH (Reuters) -Nestle is buying a majority stake in Brazilian premium chocolate maker Grupo CRM, the Swiss food group said on Thursday, as it seeks to expand into luxury confectionary.<\/p>\n

Grupo CRM operates more than 1,000 chocolate boutiques in Brazil under the Kopenhagen and Brasil Cacau brands and has a growing online presence, Nestle said.<\/p>\n

Nestle, which is buying the stake from private equity company Advent International, declined to give financial details for the deal, which is expected to close in 2024.<\/p>\n

Website Brazil Journal on Wednesday reported that Nestle would pay about 3 billion reais ($602.78 million) for the company, while local newspaper Valor Economico reported the figure at 4.5 billion reais ($904.18 million).<\/p>\n

Nestle said Renata Moraes Vichi would continue to lead Grupo CRM’s operations as CEO and remain a minority shareholder. <\/p>\n

The acquisition is part of a strategy by Nestle – producer of brands such as Kit Kat, Aero and Smarties – to expand its presence in the super-premium chocolate segment where it has a limited offering that includes Italian brand Baci.<\/p>\n

During the first six months of 2023 Nestle’s confectionary sales increased by 10.8% on an organic basis, which excludes acquisitions and currency movements.<\/p>\n

The business has also improved its underlying trading operating profit margin by 70 basis points to 14.5%.<\/p>\n

Swiss luxury chocolate maker Lindt & Spruengli has also been doing well recently, increasing its sales by 10.1% in the first half of 2023, while operating profit jumped 38%.<\/p>\n

“This acquisition further broadens and strengthens our confectionery presence in Brazil, enabling us to enter the high-end segment,” said Laurent Freixe, Nestle’s CEO for Latin America.<\/p>\n

Chocolate bars under the CRM’s Kopenhagen brand sell for 29.90 Brazilian Real ($6.01), while a box of chocolates retails for around 130 reals.<\/p>\n

Jon Cox, an analyst at Kepler Cheuvreux, said the deal seemed unusual at first glance given Nestle’s focus on its coffee, petcare and nutrition businesses, but made sense.<\/p>\n

“Nestl\u00e9 has a chocolate business in Brazil so it can integrate production, leading to synergies, while the premium chocolate category, as Lindt has shown, is a very, very, decent business if you get it right,” he said.<\/p>\n

($1 = 4.9784 reais)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The company’s logo is seen at a Nestle plant in Konolfingen, Switzerland September 28, 2020. REUTERS\/Arnd Wiegmann\/File Photo By John Revill ZURICH (Reuters) -Nestle is buying a majority stake in Brazilian premium chocolate maker Grupo CRM, the Swiss food group said on Thursday, as it seeks to expand into luxury confectionary. […]<\/p>\n","protected":false},"author":1,"featured_media":3776,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-58755","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nNestle goes upmarket with deal for Brazil chocolate maker | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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