Lolli & Pops, a speciality retailer of confectionery and chocolates, has acquired US-based sweets business Hammond's Candies.
The acquisition is a “significant milestone” in its growth strategy, Lolli & Pops, which was bought by private-equity firm TerraMar Capital in 2020, said in a statement.
Financial terms of the transaction were not disclosed. However, Lolli & Pops said the deal was funded through a new revolving credit facility from PNC Bank, a term loan from Advantage Capital Management, and additional investment from TerraMar Capital.
Established in 1920, Hammond's offers handcrafted candy canes, lollipops and other “classic” sweet treats.
The acquisition is expected to allow Lolli & Pops to expand its offerings by integrating Hammond's brand and product range across its stores in the country and through its online platform.
Lolli & Pops highlighted Hammond’s century-long expertise in “quality and innovation,” saying the acquisition supports its goal to deliver “unique” candy experiences.
The company added that it seeks to harness the “artisanal craftsmanship” of Hammond's to introduce “new, exciting” products to a larger audience.
Lolli & Pops CEO Keri Morris said: “Hammond's dedication to creating high-quality, handmade confections aligns perfectly with our vision of providing our customers with the finest and most delightful treats.
“This acquisition represents a union of two companies that share a passion for sweetness and a commitment to excellence.”
Andrew Schuman will continue as president and CEO of Hammond's.
Schuman added: “Hammond's has had the fortune of developing a world-class portfolio of timeless and innovative snacking and confections products that has resulted in shared traditions passed down through generations, sweet memories and delightful candies for our loyal consumers.”
Furthermore, Lolli & Pops stated that the merged entity will have some of the “strongest financial backing in the confectionery industry”, with plans to expand through both organic growth and strategic acquisitions.
