Brynwood Partners V L.P. has signed an agreement to sell its investment in DeMet’s Candy Co. for $221 million to Yildiz Holdings A.S., owner of the Godiva chocolate brand. The transaction is expected to close in January 2014.
DeMet’s Candy, headquartered in Stamford, Conn., is a U.S. manufacturer and marketer of premium priced chocolate confection products under the Turtles, Treasures, and Flipz brands. Since its formation in 2007 by Brynwood V, DeMet’s Candy has significantly expanded its sales, production, and profitability. All of the DeMet’s brands were acquired by Brynwood Partners from Nestlé USA in separate transactions. DeMet’s Candy employs approximately 200 people and operates two manufacturing facilities in the United States. After the closing, Peter Wilson, the company’s CEO, will be joining Brynwood Partners VII L.P., Brynwood Partners’ most recently raised fund. The rest of DeMet’s Candy’s management team will remain with the company.