Chocolat Frey AG acquires SweetWorks, expands into North America
Swiss chocolate maker hopes to strengthen presence in U.S., Canada.
The number one company in the Swiss chocolate market has strengthened its presence in the North American market by acquiring SweetWorks, Inc., of Buffalo, N.Y.
Specifically, Chocolat Frey has acquired a majority of the stock of SweetWorks, Inc. retroactively as of January 1, 2014. The candy maker is hoping to strengthen its market presence in the United States and Canada.
Headquartered in Buffalo, SweetWorks operates a production plant in Buffalo, N.Y., which has about 200 employees, and also owns a subsidiary, Oak Leaf Confections Co., in Toronto that employs about 250 workers.
SweetWorks will continue to operate as an independent group of companies and their production facilities and staff will remain in place. Current owner and CEO Philip Terranova will continue as president of SweetWorks. The purchase price is undisclosed.
Chocolat Fey says SweetWorks was a good fit because the two confectionery companies pursue comparable business models, including a focus on the production of high quality chocolate and chewing gum. The two candy makers also have offer complimentary products, and mutual synergies can be found along the entire value chain.
All of the North American market activities of Chocolat Frey and SweetWorks will be combined under a single management.
Chocolat Frey AG is a company is the market leader among Swiss chocolate manufacturers. Founded in 1887, it has been a major contributor to the development of today's Swiss chocolate expertise for more than 125 years.
In collaboration with the non-profit organization "UTZ Certified," Chocolat Frey also is committed to the sustainable, socially acceptable, and environmentally responsible growing of cocoa.
SweetWorks was founded in 1956 by John and Angela Terranova as Niagara Candy in Buffalo, N.Y.
In 1992, Philip Terranova succeeded his father and continuously expanded the chocolate business. In 1998, he founded Oak Leaf Confections and acquired the production facility in Toronto. And, in 2002, the companies were combined under SweetWorks, Inc.
SweetWorks offers a variety of chocolate and chewing gum products under the following brand names: Sixlets, Celebration by SweetWorks, Oak Leaf, Ovation and Niagara Chocolates. In addition, SweetWorks also co-manufactures product for well-known confectionery companies in North America.