Barry Callebaut Acquires Spanish Chocolate Maker

Strengthens Nederland Group’s strategy to focus on semi-elaborated technological cocoa products

Barry Callebaut, a Zurich-based manufacturer of cocoa and chocolate products, has closed the acquisition of Chocovic, a Spanish chocolate maker, from Nederland Group after receiving the respective approval from the Spanish competition authorities.

According to Nederland Group, the good positioning of the Chocovic brand and its sales network were the key factors of the sale. The agreement with Barry Callebaut strengthens its strategy to focus on semi-elaborated technological cocoa products.

Chocovic is a player in the Spanish couvertures market, in both the manufacturing and in gourmet sectors. Chocovic has a factory in Gurb (Barcelona) which produces 30,000 tonnes of chocolate and cocoa specialties a year. Chocovic’s sales reached E60m in 2008. The company has 120 employees including its subsidiaries in Italy and France and Aula Chocovic school, which offers training to professionals in the industry and is a basic source of technical support for the Sales Team. Barry Callebaut aims to keep the turnover and the human team of the company.

With the sale Barry Callebaut will keep Chocovic’s trade names and current distribution network, which are points of reference in the market for couvertures, and they will further international growth of the brand towards new markets.

A spokesman for the shareholders of Nederland Group, said: “We are proud of the effort and commitment of our team over the years, which have been key to making Chocovic a Spanish reference point in couvertures. This positioning was a decisive factor for Barry Callebaut’s interest.”

Moner Cocoa will continue to operate the current activity, after increasing its range of customized products, whereas Nederland will focus on cocoa at source, by working on a selection process for the grain at the plantation, to control quality and fair trade concerns.

In the sale process that took place, Socios Financieros, an independent corporate finance firm, advised Nederland Group for the negotiation and closing of the transaction.

The transaction must be approved by the antitrust authorities and it is hoped to be closed by the end of the year. Both parties have agreed not to disclose any of the financial details of the transaction.