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Investment Chocolate & Candy

Kex confectio­nery sa.

KEX Confectionery is a leading confectionery-producer in
Romania and Austria


In 1997 a fund managed by Meinl Bank took a major stake in the Romanian confectionery companies Kandia and Excelent. These were merged to create Kandia-Excelent, the second largest confectionary group in Romania. The company was sold in 2007 to Cadbury before being purchased again in 2010 and renamed Kandia Dulce; the first step in a new private equity strategy.

In 2012 a local competitor, Supreme Chocolat was acquired and merged into Kandia Dulce. In 2013, Heidi Chocolat, a premium Romanian producer (most of whose sales are international) and the Austrian Niemetz Schwedenbomben marshmallow business were acquired. Recently, Schokothek, a retail “front-end” with 16 stores was added to the Niemetz Schwedenbomben business

investment thesis

Benefit from ongoing growth of consumption in CEE

Synergies through the combination of sub- scale businesses

Benefit from low cost production to win business internationally

investment objective

Continue to expand KEX Confectionery organically and through acquisition,before eventually IPOing the group

the kex confectionry sa. brands