Australian and New Zealand lolly brand Life Savers has been acquired by confectionary company Darrell Lea in a deal reported to be worth up to $50 million.
Darrell Lea purchased the brand off Swiss-based food and giant Nestlé, and will move the manufacturing of Life Savers from New Zealand back to Australia, where they were last produced in the 2000s.
The confectionary company will also pick up brands Black Knight, Heards, Fabulicious, Mackintosh’s, and Odd Fellows via its NZ sister company RJ’s as part of the deal – the first big one since Quadrant Private Equity purchased Darrell Lea for $200 million earlier this year.
Darrell Lea CEO Tim York said Nestlé approached Darrell Lea about the portfolio of brands they were looking to divest.
“We saw it as a great opportunity,” he said.
“We believe there is significant growth potential for the Life Savers brand through new product innovation and gaining additional distribution in Australia and New Zealand.”