Nestle to Buy Majority Stake in Brazil Chocolate Company Grupo CRM
September 07 2023 - 2:03AM
Dow Jones News
By Adria Calatayud
Nestle said it has reached a deal with Advent International to
buy a majority stake in Brazilian chocolate company Grupo CRM for
an undisclosed sum, in a bid to bolster its confectionery presence
there.
The Swiss consumer-goods giant said the deal will allow it to
enter the high-end segment of the Brazilian market. Grupo CRM
operates more than 1,000 chocolate boutiques under the Kopenhagen
and Brasil Cacau brands and has a growing online presence, Nestle
said.
Renata Moraes Vichi will continue to lead Grupo CRM as chief
executive and will remain a minority shareholder, Nestle said.
Nestle said it wouldn't disclose financial details of the deal,
which is expected to be completed next year, subject to customary
regulatory approvals.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
September 07, 2023 01:48 ET (05:48 GMT)
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