Italian billionaire to acquire Keebler, Girl Scouts Bakery in $1.3 billion deal
Ferrero Group, the confections giant best known for Nutella and Tic Tac, will acquire a number of iconic American brands from Kellogg for $1.3 billion, the company announced on Monday. It marks the Luxembourg-based firm’s latest foray into the U.S. market.
The deal encompasses Kellogg’s cookie, fruit and fruit-flavored snack, ice cream cone and pie crust businesses, which generated a combined $900 million in 2018 revenue. That includes Keebler pie crust, Famous Amos cookies and Little Brownie Bakers, one of two suppliers of Girl Scout cookies., the 54-year-old heir to the family fortune. An Italian citizen, he lives in Belgium, a short drive from Ferrero’s Luxembourg headquarters.
Ferrero Group began as a pastry shop opened in 1923 by Giovanni’s grandfather Pietro, in Dogliani, northwestern Italy. Pietro’s son, Michele, took over in 1957 and fueled the company’s international expansion. By 1997, the firm had roughly $4.8 billion in annual sales. Giovanni and his brother, also named Pietro, took over as CEO that same year. But Pietro suffered a fatal heart attack while biking in South Africa in 2011, leaving Giovanni alone in command.
Since then, Giovanni has focused on expanding Ferrero’s native products, including Ferrero Rocher pralines, Nutella and Kinder Joy eggs, while also growing revenue through acquisitions. The company now generates over $12 billion in annual sales across more than 170 countries.
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