Natra, one of Europe’s largest vertically-integrated co-manufacturers for chocolate products, and Gudrun, a leader in the development, production, packaging and commercialization of Belgian chocolates and truffles, are joining forces to create a diversified chocolate platform with a focus on quality, innovation and sustainability.

Natra will acquire 100% of Gudrun from its current owner, Down2Earth Capital, with the goal of facilitating the ongoing growth and development of the two businesses. Terms of the transaction are not being disclosed.

Headquartered in Lier, Belgium, Gudrun dates back to 1942. The company develops and manufactures chocolates for international retailers across multiple markets. Equipped with in-house R&D capabilities, Gudrun is known for driving innovation and its ability to offer a range of on-trend products, concepts and packaging to its customers. The production kitchen is the beating heart of the company and contributes to the artisanal character of its chocolates. Gudrun operates a manufacturing and storage facility in Lier, Belgium, in addition to a packaging and distribution facility in Poland.

A portfolio company of CapVest Partners LLP, Natra produces chocolate bars, pralines, tablets and spreads, which it sells in more than 90 countries worldwide. Its ingredients division also supplies a range of cocoa-based ingredients to the international food industry. The company has more than 1,000 employees across six production plants in Spain, Belgium, France and Canada.

“Gudrun is a fantastic business and this highly complementary strategic combination will significantly enhance Natra’s premium Belgian chocolate offering, while also allowing Gudrun to capitalize on Natra’s global reach and deep customer relationships,” says Natra CEO Armando Santacesaria. “We look forward to welcoming our new Gudrun colleagues on board once the deal completes and working with them to build on their successes to date to drive further innovation and growth.”

Gudrun CEO Sofie de Lathouwer adds: “At Gudrun, we are always focused on the growth of our business and our people. Joining Natra marks the beginning of an exciting new chapter for Gudrun, which will allow us to bring our quality Belgian chocolates to more customers around the world. Natra shares our strong focus on premium quality, innovation and sustainability. We are excited about this opportunity and look forward to working with our new colleagues to expand our presence and positioning as a highly valued partner, developer and manufacturer of Belgian chocolates.”

Subject to closing conditions, the transaction is expected to be completed in the coming weeks.

Natra was advised by Willkie Farr & Gallagher and KPMG. Down2Earth Capital was advised by Squarefield, Monard Law and LDS Advisory.