- CTH Invest SA, a Ferrero-affiliated holding company, acquired U.S. premium biscotti maker Nonni’s Bakery from Vestar Capital Partners.
- Nonni’s employs about 350 people and runs four plants in New York, Arizona, Oklahoma, and Montreal, producing brands including THINaddictives, Bites, La Dolce Vita, and Snackers.
- Announced July 24, 2024, the deal strengthens Ferrero’s North American sweet-packaged foods portfolio and expanded U.S. manufacturing footprint.
- Financial terms were not disclosed; the transaction reportedly closed around October 1, 2024, with Latham & Watkins advising the seller and Willkie advising the buyer.
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The acquisition of Nonni’s Bakery by CTH Invest (Ferrero-affiliated) is a strategic move that underscores Ferrero’s ongoing expansion in the premium and artisanal baked-snacks segment in North America. Nonni’s brings heritage, product innovation, and scale through its Italy-inspired biscotti portfolio and related snack lines.
From Vestar’s perspective, exiting Nonni’s four facilities and a workforce of ~350 offers a liquidity event in a growing snack category. Having acquired Nonni’s in late 2017 from Wind Point Partners, Vestar has overseen product launches (e.g. Nonni’s Snackers), and likely improved operational capabilities.
For Ferrero and CTH Invest, integrating Nonni’s adds a U.S. manufacturing footprint and brands that align with consumer preferences toward indulgent treats and “better-for-you” snacks with artisan positioning. It fills out Ferrero’s CTH portfolio, which already includes Burton’s Biscuit Company, Fox’s Biscuits, Kelsen Group, Michel et Augustin, and Delacre, reinforcing scale in sweet packaged foods globally.
Key financials remain undisclosed—typical for private deals—but the lack of public price opens questions around valuation multiples in this niche, the cost of integration (quality, brand, supply chain), and potential risks, including competition, raw material cost pressures, and shifting consumer preferences toward health or clean label snacks.
Strategically, this deal might signal Ferrero’s efforts to vertically consolidate its supply chain, leverage U.S. production to serve domestic and export markets, and broaden its brand portfolio to include products with stronger growth tails. For Private Equity, it reflects strong investor appetite in artisanal/heritage food brands and soft-baked goods with differentiated positioning.
Supporting Notes
- Nonni’s Bakery was founded in 1988, manufactures premium artisanal biscotti, and produces “Cantuccini-type” cookies among its offerings; its product portfolio includes Nonni’s THINaddictives, Nonni’s Bites, La Dolce Vita, and Nonni’s Snackers.
- The company operates four manufacturing plants located in Ferndale, NY; Glendale, Arizona; Tulsa, Oklahoma; and Montreal, Canada, with approx. 350 employees.
- Vestar Capital Partners acquired Nonni’s in late 2017 from Wind Point Partners; under Vestar, Nonni’s launched new products such as Nonni’s Snackers.
- CTH Invest SA is a Belgian holding company affiliated with Ferrero; its portfolio includes brands such as Michel et Augustin (France), Burton’s and Fox’s Biscuits (UK), Kelsen Group (Denmark), and Delacre (Belgium).
- Deal announced July 24, 2024; expected to close in the coming months, subject to customary closing conditions. Financial advisor Houlihan Lokey and legal advisors Latham & Watkins acted on behalf of seller; Willkie represented buyer.
- According to Houlihan Lokey, the deal closed on October 1, 2024.