The richest man in Italy expands his confectionery and pastry empire. The financial holding CTH Invest of Giovanni Ferrero, main owner of the Nutella and children’s bar manufacturer Ferrero, is taking over the British biscuit business from the manufacturer Fox, reports the “Lebensmittelzeitung”. The two companies have already reached a binding agreement, according to Ferrero.
Both companies are silent about the purchase price, Sky reports a purchase price of around 250 million pounds (almost 270 million euros). Fox said it had achieved sales of 173 million euros in the past twelve months. The authorities have yet to approve the takeover.
In addition to Fox, Delacre and Kelsen also belong to Ferrero
By acquiring Fox, the billionaire expands his family business. The investment holding has already taken over the Belgian biscuit brand Delacre – whose biscuit mixes are also available in Germany – and the biscuit manufacturer Kelsen. The Danish company was acquired in 2019 for 265 million euros.
The financial news service “Bloomberg” already estimates the net assets of the CTH Group at 2.8 billion euros. The net worth of Giovanni Ferrero and his family therefore amounts to 20 billion euros.