Russell Stover may be sold for more than $1 billion
America’s third largest chocolate company considers selling
It is unclear why Russell Stover is considering a sale, but Goldman Sachs Group Inc. is helping to pick the price tag according to The Wall Street Journal.
Russell Stover didn’t intend to publicize the ongoing matter, but released a statement Friday after the story leaked.
It isn’t for certain the company will follow through with the sweet deal. It’s largely focused on learning the perceived value, says Robbie Vorhaus, a company spokesman.
“There is no imminent sale,” Vorhaus says. “It’s part of a strategy for how to continue to grow and build the business.”
The Ward family has run the 91-year-old Kansas City company since Louis Ward bought it from Stover’s widow in 1960.
Born in a bungalow candy shop, it now sells in more than 70,000 drug stores, card and gift shops, grocery stores, department stores and retail stores throughout the U.S. and Canada.