Owner of Godiva to buy DeMet's Candy

GREENWICH, Conn. — Brynwood Partners V on Friday announced that it is selling its investment in DeMet’s Candy Company for $221 million to Yildiz Holdings A.S., the owner of Godiva, a chocolate brand. The transaction is expected to close in January 2014. 

DeMet’s Candy is a U.S. manufacturer and marketer of premium chocolates under the Turtles, Treasures and Flipz brands. DeMet’s employs 200 people and operates two manufacturing facilities in the United States. Peter Wilson, the company’s CEO, will be joining Brynwood Partners after the closing. The rest of the DeMet’s Candy’s management team will remain with the company.

“We are delighted to announce the divestiture of DeMet's Candy," Hendrik J. Hartong III, chairman of DeMet's Candy and senior managing partner at Brynwood Partners, said. "This investment highlights Brynwood Partners' unique operational capabilities in the private equity sector. We originally formed DeMet's Candy in 2007 to acquire the Turtles brand in the United States from Nestlé USA and combined it with the Flipz brand, which we had acquired from Nestlé USA in 2004. After forming DeMet's Candy, we quickly hired a management team, with whom we have worked collaboratively to create significant shareholder value. We are grateful to DeMet's Candy's management team and all of the hard working employees in the manufacturing plants for their tireless efforts under our ownership. We wish Yildiz success with this outstanding company."

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