US food and drink company Kraft Foods announced on Wednesday that FS Acquisition Corp., a subsidiary of Catterton Partners, is to acquire the U.S.-based Farley and Sathers confectionery businesses from Kraft.
Revenues for 2001 are expected to be about $220 million (€244million). The transaction is expected to be completed by the end of January 2002, and terms of the agreement were not disclosed.
"We are delighted to find two brands with quality reputations that meet our criteria for a focused sales and marketing effort,'' commented FS Acquisition's Chairman Keith Lively.
"We plan to immediately channel our energies to more fully realise the market potential of these valuable brands.''
"We are selling the Farley's and Sathers brands because they are not a strategic fit with the rest of our portfolio,'' said Betsy D. Holden, Co-CEO, Kraft Foods, and President and CEO, Kraft Foods North America. "However, these brands should be well-positioned for future growth with FS.''