Yildiz Holding to take over US-based DeMet`s Candy Company

Yildiz Holding, the Turkey-based owner of Godiva chocolates, has agreed to buy US-based DeMet's Candy Co. from buyout company Brynwood Partners for USD 221 m. The news of the sale was first reported by the Wall Street Journal. DeMet's Candy Company, the creator of Flipz chocolate pretzels and Turtles covered nut clusters was founded in Chicago in 1898 as a candy store business and soda shop by George DeMet. The DeMet family grew the business in the Chicago area over the next 50 years before it sold the company to a Canadian chocolate maker.

Private equity firm Brynwood Partners bought DeMet's Candy confectionery brands including Turtles, Flipz and Treasures milk chocolates from Nestle SA in 2007. Brynwood, the owner of Zest soaps and Soft & Dri deodorants, will also sell two US. manufacturing facilities as part of the deal. Yildiz, Turkey's largest food group, also owns the family-run biscuit company Ülker.