Makes Brach's, Now and Later, Troll, Jujyfruits and Chuckles
Makes Lemonheads, Red Hots, Black Forest, Atomic Fireballs and Boston Baked Beans
Farley's & Sathers, which has major operations at two facilities in Chattanooga, is merging with Ferrara Pan Candy Co. to create one of the nation's largest makers of non-chocolate candy.
Local and corporate officials wouldn't say Wednesday how the merger would affect Farley's Chattanooga facilities in Lookout Valley and Jersey Pike which have employed upwards of 450 people.
The combined company will be known as Ferrara Candy Co. Its chief executive and chairman, Salvatore Ferrara II, will head the combined business, according to a news release.
Terms of the deal were not disclosed.
Crain's Chicago Business put Farley's & Sathers sales at $615 million and Ferrara Pan's at more than $400 million.
"This transaction brings together two well-positioned candy companies with iconic brands and loyal consumer and customer followings to create a category leader," Ferrara said in a statement.
Greenwich, Conn.-based private equity firm Catterton Partners, which owns Farley's & Sathers, will remain a majority investor in the business. Managing Partner Scott Dahnke said the deal will allow the business to grow faster and increase efficiencies and innovation.
Farley's, headquartered in Round Lake, Minn., traces its Chattanooga roots back to Brock Candy Co. That business was bought by Brach's Confections in 1994. Brach's in turn was later purchased by Switzerland-based Barry Callebaut AG.
Four years ago, Farley's bought Brach's Confections.
Ferrara Pan Candy Co., based in suburban Chicago, was founded by Salvatore Ferrara in 1908 and began as a manufacturer of Italian pastries and sugar coated candy almonds.