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9/7/2023, 9:12 AM (Source: TeleTrader)
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Nestle to buy majority stake in Brazil's Grupo CRM

Nestle SA revealed on Thursday that it reached a deal with Advent International to acquire a majority stake in Grupo CRM, which is known for its high-quality chocolate products in Brazil.

"This acquisition further broadens and strengthens our confectionery presence in Brazil, enabling us to enter the high-end segment," Laurent Freixe, CEO of Zone Latin America at Nestle, said. The deal is anticipated to be finalized in 2024, pending the necessary regulatory approvals.

Renata Moraes Vichi, who has been a part of Grupo CRM for 25 years, will continue to serve as the CEO and retain her position as a minority shareholder. The specifics regarding the financial aspects of this transaction will not be made public.

Baha Breaking News (BBN) / RR