Close of of dark chocolate pieces. Credit: Picture Partners / Shutterstock

Natra, the private-label chocolate manufacturer backed by private equity, has acquired fellow confectioner Gudrun.

The deal, announced by Natra’s private-equity owner CapVest, was struck for an undisclosed sum.

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Gudrun manufactures for “international retailers across multiple markets”, CapVest said in a statement.

The company, owned by private-equity house Down2Earth Capital since 2016, has a manufacturing facility as its HQ in the Belgian town of Lier. It also has a packaging and distribution site in Poland.

Natra supplies its co-manufacturing and retail clients with confectionery and ingredients from six factories located in Spain, Belgium, France and Canada. According to Natra’s website, the company generated a turnover of €598m (US$669.8m) in 2023.

In a statement, Natra CEO Armando Santacesaria said: “This highly complementary strategic combination will significantly enhance Natra’s premium Belgian chocolate offering, while also allowing Gudrun to capitalise on Natra’s global reach and deep customer relationships.”

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Sofie de Lathouwer, Gudrun’s CEO, said the deal was “the beginning of an exciting new chapter” for the company.

She pointed to Natra’s distribution network, emphasising the sale “will allow us to bring our quality Belgian chocolates to more customers around the world”.

Media reports in Belgium said Gudrun’s turnover is around €46m. It is believed most of the company’s sales are generated through retail contracts.

London-headquartered CapVest bought Natra in 2022 from Luxembourg-registered Investindustrial Advisors, which acquired the Madrid-based company in 2019.

Last month, the CapVest-backed, UK pet-food group Inspired Pet Nutrition (IPN) acquired local competitor Butcher’s Pet Care.

Majority-owned by private-equity firm CapVest Partners since 2020, IPN said at the time the deal would give the company combined sales of around £350m ($459.2m), although the price of the investment was not been disclosed.