Wells Enterprises To Be Acquired By Ferrero Group
December 07, 2022 2:37pm
According to a press release Wednesday, Wells Enterprises will be acquired by Ferrero Group, which had its start in Italy in 1946.
The release says Wells will remain a stand-alone business with its offices in Le Mars. Production will also remain in Le Mars, as well as in Henderson Nevada and Dunkirk, New York.
“That’s the beauty of this transaction,” said Mike Wells, a member of the founding family and current chief executive officer and chief engagement officer. “Everybody keeps their job, they love what they do, they love where they do it. The Wells name is going to stay on the outside of the building, employees still work for Wells.”
After the transaction closes, Mike Wells will serve as an adviser to support the transition and maintain his active role in the Le Mars community. Current Wells President Liam Killeen will be named Chief Executive Officer, and the existing leadership team will remain in place.
Like Wells, Ferrero is a family-owned company with a history of making sweet-packaged foods. Ferrero’s brands include Nutella, Kinder, Tic Tac and Ferrero Rocher.
“We are a 100-year-old company focused on adapting for the next 100 years,” said Mike Wells. “Ferrero is a like-minded company with a commitment to providing high-quality, premium sweet-packaged food products that bring joy to consumers around the world. This acquisition puts the business in the best possible hands, and I look forward to supporting the entire Wells team and Ferrero with the transition.”
The transaction is expected to close in early 2023, but the terms of the transaction are not being disclosed.
This deal continues the Ferrero Group’s expansion in North America. In 2017, Ferrero acquired Fannie May, then in 2018, they acquired the former Nestle U.S. confectionery business and Kellogg company’s cookies and fruit snacks businesses. As of 2022, Ferrero has 8,000 employees, 9 offices and 18 plants in North America.
“As Wells transitions from one family to another, we are committed to a long and successful future, building on their legacy of fantastic products and looking after the welfare of employees and the wider community in Le Mars,” said Giovanni Ferrero, Executive Chairman of the Ferrero Group. “I strongly believe that Wells and Ferrero are the perfect match and would like to thank Mike Wells and the Wells family for entrusting ownership of this great company to us.”
Ferrero began in a town called Alba, Italy in 1946. It has grown to become a global leader in sweet-packaged foods, including confectionery, biscuits, ice cream and better-for-you-snacking. It sells over 35 brands in more than 170 countries and globally it has more than 38,000 employees.
Courtesy of Media Partner KTIV
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