Sweet deal: Darrell Lea buys Life Savers
CONFECTIONERY company Darrell Lea will buy the Life Savers brand from Nestlé, acquiring the rights to the lolly in Australia and New Zealand.
The purchase price is not being disclosed.
Darrell Lea will move manufacturing of Life Savers from New Zealand to Australia, with the classic confectionery created in America in 1912 to roll off the production line at its Sydney factory.
Darrell Lea CEO Tim York said: “As part of our business growth ambitions, we are in the market for great confectionery brands and Life Savers is certainly that.
“We believe there is significant growth potential for the Life Savers brand through new product innovation and gaining additional distribution in Australia and New Zealand.
“With a high energy team, the ability to be agile, sales growth momentum and the backing of Quadrant PE, we see a very bright future for the Darrell Lea business here in Australia.”
Life Savers were last made in Australia in the early 2000s.
Darrell Lea is the largest independently owned confectionery player in Australia and was recently purchased for $A200 million by Quadrant Private Equity.
Quadrant says Darrell Lea has achieved “tremendous growth” over the last five years and it forecasts “double-digit” growth for the business through both organic growth and the acquisition of complementary confectionery brands and manufacturing capability.
As part of the deal, Darrell Lea will also acquire the Black Knight, Heards, Fabulicious, Odd Fellows and Mackintosh’s brands through its sister company RJ’s in New Zealand.
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