Felix Abba to acquire Kalev Chocolate Factory
Felix Abba has signed an agreement to acquire Kalev Chocolate Factory, which is the leading chocolate and sugar confectionery company in Estonia, with more than 200 years of history.
Under the agreement, Felix Abba will take over 100% of the shares in Kalev Chocolate Factory (KCF), including the factory in Jüri - which is located close to Tallinn - the production equipment and the related trademarks. The company has annual net sales of approx. EUR 28 million and 386 employees. In addition to KCF, the acquisition includes related biscuits and flour mix businesses in Estonia.
The company was founded in 1806, and the use of today´s brand started in 1948. KCF also owns Maiasmokk, which is the oldest cafeteria and baker shop in the heart of Tallinn Old City.
"This acquisition is an important step in the expansion of our confectionery business, as it gives us good growth and value creation possibilities in the Estonian market and provides a platform for expanding confectionery in Finland and the Baltic region," says Managing Director Clas Göran Hagström in Orkla Foods Fenno-Baltic.
The deal is subject to the approval of the Estonian competition authorities.