mynth
← DATABASE
04/2019

KELLOGG COOKIES AND FRUIT SNACKS acquired by THE FERRERO GROUP

UNITED STATES Food Processing / Food Products / Bakery / Pastry EV 1b - 4b USD

Context

In April 2019, Ferrero agreed to acquire Kellogg Company's cookie, fruit and fruit-flavored snack, ice cream cone and pie crust businesses for , a carve-out that generated sales of approximately in 2018 and closed on July 29, 2019, following customary regulatory approvals. The Italian confectionery group, controlled by the Ferrero family, thereby adds a portfolio of cookie brands to a stable already home to Nutella, Kinder, Ferrero Rocher and Tic Tac. The acquired assets include Keebler, Famous Amos, Mother's, Murray sugar free cookies and Little Brownie Bakers, the supplier of cookies to the Girl Scouts, alongside the fruit snacks business comprising Stretch Island and Fruity Snacks, plus Keebler ice cream cones and pie crust products. Settled in cash, the deal marks a further step in Ferrero's expansion beyond chocolate and confectionery, following earlier acquisitions since 2017.

-> Deep-dive in AgriFood market trends

Target

Founded in 1906 in Battle Creek, Michigan, Kellogg built its business around ready-to-eat cereal before expanding into cookies, crackers, and fruit snacks. The company operates a portfolio of brands that includes Keebler, Famous Amos, and Murray cookies, alongside fruit snack lines such as Stretch Island. Its products reach consumers through grocery retailers, mass merchandisers, and convenience channels across North America and international markets. Manufacturing and distribution are handled through a network of plants and warehouses, though specific site counts are not disclosed in the source material. The business model relies on high-volume production of shelf-stable snack foods, supported by brand marketing and retail partnerships. Kellogg's cereal operations remain a core segment, while the cookie and fruit snack divisions serve a distinct snacking occasion. The company's history reflects a long-standing presence in the packaged food industry, with a focus on product innovation and category expansion. Its brands are positioned across value and premium tiers, targeting a broad consumer base. The firm operates in a competitive landscape alongside other global snack and cereal manufacturers.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2018
2017

Similar deals in Food Processing

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
06/2019HEINEKENOEDIPUSNETHERLANDSWines & Spirits
06/2019MONDELEZ INTERNATIONALPERFECT SNACKSUNITED STATESFood Products
04/2019PAI PARTNERSECOTONENETHERLANDSFood Processing
04/2019DANONEMICHEL ET AUGUSTINFRANCEFood Products
02/2019PERMIRAHANA GROUPFRANCEFood Products
02/2019BRIMSTONE INVESTMENTCLOVER INDUSTRIESSOUTH AFRICADairy
01/2019ASAHI EUROPEFULLERS BEER BUSINESSUNITED KINGDOMWines & Spirits
12/2018MADEMOISELLE DESSERTSDELICE DES 7 VALLEESFRANCEBakery / Pastry
11/2018PARQUEST CAPITALSOPRALFRANCEPetfood
11/2018CARGILLCAMPOLLOCOLOMBIAMeat & Cured Meat

REFERENCES

Valuation range: EV 1b - 4b USD

Revenue range: 500M - 1b USD

EBITDA range: 50M - 100M USD

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of KELLOGG COOKIES AND FRUIT SNACKS by THE FERRERO GROUP are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: kellogg cookies and fruit snacks

Acquirer: the ferrero group