Pearson Candy snaps up Nestlé‘s Bit-O-Honey brand

01-May-2013 - Last updated on 02-May-2013 at 11:49 GMT

Bit-O-Honey is Pearson's private equity owners' fifth acquistion of a Nestlé brand

Minnesota-based Pearson Candy Company has sealed its fifth brand acquisition from Nestlé USA with chewing candy brand Bit-O-Honey.

The acquisition was announced today for an undisclosed sum.

Looking to innovate

Michael Keller, President and CEO of Pearson's said: “We plan to bring renewed focus to the Bit-O-Honey brand by increasing its availability to consumers and by offering customers new and innovative Bit-O-Honey products."

Pearson Candy is owned by private equity firm Brynwood Partners, which also owns DeMet's Candy Candy.

Pearson’s chairman Henk Hartong III, who is also senior managing partner of Brynwood is a former executive at Nestlé USA.

Previous Nestlé buys

The latest acquisition marks the fifth brand Brynwood has bought from Nestlé.

In 2003, the private equity group purchased Nestlé yoghurt-covered pretzel brand Flipz.

Brywood also acquired the ‘Turtles’ brand from Nestle USA in 2007, and added Stixx and Treasures to its DeMet’s Candy business in 2008.

US expansion

Hartong III said of the latest addition, Bit-O-Honey: “We feel this acquisition will be a conduit to expand the reach of all of Pearson's brands throughout the US.”

Brynwood acquired Pearson's Candy Company, makers of Nut Goodie and Bun Bars, in 2011.

In the same year, the private equity firm added nut-cluster snack brand TrueNorth from PepsiCo to its DeMet's business.