Hotel Chocolat to be acquired by Mars in £534 million deal
Hotel Chocolat is to be acquired by confectionery firm Mars in a cash offer that values the business at around £534 million.
In a statement, Hotel Chocolat said Mars will be well-positioned to support its next growth phase with its international footprint, global supply chain and extensive commercial relationships.
Subscribe to TRBAngus Thirlwell, chief executive of Hotel Chocolat, explained: “In Mars, we have found a true meeting of minds – in strong cultural values, bold strategy and true long-termism.
“We know our brand resonates with consumers overseas, but operational supply chain challenges have held us back. By partnering with Mars, we can grow our international presence much more quickly using their skills, expertise and capabilities.”
Hotel Chocolat said the bid represented a 168.8% premium on its current share price of 139 pence at the close of business yesterday.
Thirlwell added: “I’m excited about the future of the business and in Mars, we have found an excellent long-term steward of the Hotel Chocolat brand and everything we stand for.”
Andrew Clarke, global president of Mars Snacking, said: “We are confident that Mars will be an excellent long-term home for Hotel Chocolat, providing a like-minded, entrepreneurial and purpose-led environment in which to maximise the potential of the Hotel Chocolat brand which is already so beloved by consumers.”
