Newly-formed Whole Earth Brands has acquired Merisant Company and Mafco Worldwide from Flavors Holdings, a subsidiary of private equity firm MacAndrews & Forbes Incorporated.
Merisant Company is a producer of sugar-free and low-calorie sweeteners such as Canderel, while Mafco Worldwide is a manufacturer of liquorice products.
Whole Earth Foods has been created as a result of the transaction, which is valued at approximately $439 million. A statement from Whole Earth Foods claims that the addition of Merisant and Mafco would aid its goal to become a global leader in healthy, natural and zero-calorie foods and ingredients.
Whole Earth Brands will be led by Flavors Holdings’ existing management team. CEO of Flavors Holdings, Albert Manzone, has been named CEO of Whole Earth Brands; CFO of Flavors Holdings and Merisant Andy Rusie has been named CFO of Whole Earth Brands; while President of Mafco, Lucas Bailey, has been named as president of Whole Earth Brands’ Flavors and Ingredients Division.
Irwin Simon, executive chairman of Whole Earth Brands said: “I am enthusiastic about the opportunity to create Whole Earth Brands and help craft its strategy in the industry where I spent my entire career and built powerful brands.
“We have created a global, industry-leading platform, focused on food products and ingredients in rapidly growing categories driven by powerful macro trends that we believe are permanently changing the way food is consumed. We have an accomplished team capable of strengthening our leadership in our core markets as the shift away from sugar accelerates and demand for natural ingredients intensifies.”
Albert Manzone, CEO of Whole Earth Brands added: “We are very pleased to complete the formation of Whole Earth Brands through this business combination. We have two strong franchises and a significant industry tailwind.
“We continue to be impressed by the scaleable platform our business offers with significant operating leverage. We now have the financial resources to expand through strategic consolidation, grow in adjacent markets and enter into on-trend branded health and wellness categories. Our team recognises the opportunity this transaction has presented. We are ready to seize the moment.”
© FoodBev Media Ltd 2020
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