Canada’s Foley’s Chocolates acquired by Puratos, as it eyes major North American expansion
pic: Foley's
Canadian confectionery manufacturer Foley’s Chocolates has been acquired by ingredients business Puratos, considerably expanding the Belgian company’s presence in North America, reports Neill Barston.
As the company noted, the move, for an undisclosed fee, is considered a major strategic development and the largest deal of its kind for the firm, which has just released its latest Taste Tomorrow report highlighting major industry trends for the year.
Moreover, its latest acquisition enables a significant enhancement of its overall portfolio, covering premium plant-based, protein-enhanced, no sugar and sugar-reduced solutions for global chocolate and bakery industries.
With more than 40 years industry experience, Foley’s specialises in real chocolate and compound coatings to industrial manufacturers in North America. The deal makes it Canada’s second-largest chocolate producer and the country’s only manufacturer of ingredients for bakery, patisserie and chocolate. As well as expanding Puratos’s market presence, the combined business will introduce a range of health and well-being-focused ingredients that cater to evolving consumer preferences.
As well as unlocking synergies in expertise, manufacturing capacity and R&D, the new combined entity will implement a comprehensive sustainability program, ensuring responsible sourcing of ingredients, minimising waste and supporting initiatives that promote a healthier planet.
“We’re all enormously proud and excited today,” comments Pierre Tossut, CEO at Puratos. “Foley’s is an excellent fit with Puratos’s innovation strategy and I have no doubt this acquisition will transform our Canadian chocolate business. Our mission is to help our customers to be even more successful with their business, providing them the best tasting, sustainable chocolate.”
As the company noted, Foley’s has been recognised as a pioneer in the chocolate industry over the past four decades; a characteristic it shares with its new owner. Customers throughout the North American region will have access to their supplier’s largest portfolio of innovative solutions yet, including protein chocolate and plant-based alternatives. Combined with the latest advancements in nutrition, the company aims to revolutionize the chocolate landscape.
Michael Simone, President at Puratos Canada, added. “Our strategic fit brings together two highly talented, passionate teams to fuel innovation and move the chocolate industry forward by delivering outstanding products and customer experience. In particular we see huge potential for our Cacao-Trace chocolate, products that have proven sustainable credentials, such as independent life cycle analysis (LCA) data and plant-based chocolate, for which demand is soaring not just here, but worldwide.”