Nestlé has inked a deal with private equity firm Advent International to secure a controlling interest in Grupo CRM, a prominent player in the premium chocolate market in Brazil.
Grupo CRM employs a direct-to-consumer approach, boasting an extensive network of over 1,000 chocolate boutiques showcasing the Kopenhagen and Brasil Cacau brands, while also steadily expanding its digital footprint.
Renata Moraes Vichi will remain in her position as CEO of Grupo CRM and will retain her status as a minority shareholder.
The agreement will enable Nestlé to further its presence in the “premium” gifting sector. Nestlé has expressed its intention to utilize its worldwide research and development capabilities to drive innovation and stimulate growth. Furthermore, the food conglomerate has committed to aiding Grupo CRM in achieving its sustainability objectives.
Laurent Freixe, CEO of Zone Latin America at Nestlé, said, “The acquisition further broadens and strengthens our confectionery presence in Brazil, enabling us to enter the high-end segment. Kopenhagen and Brasil Cacau offer premium chocolates that are highly appreciated by Brazilian consumers. We are pleased that Renata Vichi will continue to lead the company with her deep knowledge and passion for the chocolate business, people and brands. Together, we will explore opportunities to further enhance the company’s unique premium chocolate experience.”
The transaction, which is subject to customary regulatory approvals, is expected to close in 2024.
The specifics of the transaction were not made public.