Global investment firm Apax Partners is said to have successfully secured a deal to purchase Bazooka Candy Brands.
As reported by The Wall Street Journal, Apax is set to acquire the U.S. confectioner in a deal that places a value of approximately $700 million, encompassing debt, on Bazooka Candy Brands.
Since 2007, Bazooka Candy Brands has been under the ownership of Tornante, the private investment company belonging to former CEO of Walt Disney, Michael Eisner, along with private-equity firm Madison Dearborn Partners.
In June, The Wall Street Journal had stated that Tornante and Madison Dearborn Partners were exploring the possibility of selling their stake.
Headquartered in New York, this confectionery company offers a range of brands such as Ring Pop lollipops, Mega Mouth candy spray, and the bubble gum line known as Juicy Drop.
An undisclosed source informed the U.S. news website Axios that the group has witnessed an approximate 30% increase in revenue thus far in 2023.
According to the source, the flagship product of Bazooka Candy Brands contributes to only about 2% of the yearly sales, while the majority of the sales are generated by brands like Ring Pop, Push Pop, Juicy Drop, and Baby Bottle Pop.
As per GlobalData’s data, Bazooka gum constituted 0.7% of the total volume sales within the US chewing gum market during the year 2021. Taking the lead was the brand Extra, under Mars ownership, commanding a substantial 15% share of the sales volumes.
According to its official website, Apax has accumulated approximately $65 billion in assets and maintains a global presence with seven offices situated across the world.
