Puratos has acquired Canadian chocolate producer Foley’s Chocolates in what it considers its largest acquisition to date in the chocolate industry. Puratos said the transaction increases its chocolate market share and manufacturing abilities in the United States and continues its growth in the pillars of health and well-being, sustainability and innovation. Puratos also now has the largest chocolate portfolio yet, which consists of plant-based, protein-enhanced, sugar free and sugar-reduced solutions.
“We’re all enormously proud and excited today,” said Pierre Tossut, chief executive officer of Puratos. “Foley’s is an excellent fit with Puratos’s innovation strategy and I have no doubt this acquisition will transform our Canadian chocolate business. Our mission is to help our customers to be even more successful with their business, providing them the best tasting, sustainable chocolate.”
According to Puratos, Foley’s has been around for 40 years and often has been recognized as a pioneer in the chocolate industry. Foley’s also is considered a leading provider of chocolate and compound coating to industrial manufacturers in North America. Following the acquisition, customers in the region will have access to the supplier’s “largest portfolio of innovative solutions yet,” which includes protein chocolate and plant-based alternatives, Puratos said.
The acquisition makes Foley’s Canada’s second-largest chocolate producer and the only manufacturer of ingredients for bakery, patisserie and chocolate in addition to expanding its market presence and introducing “a range of health and well-being-focused ingredients that cater to evolving consumer preferences,” Puratos noted. Foley’s also plans to “revolutionize the chocolate industry” using the latest advancements in nutrition.
“Our strategic fit brings together two highly talented, passionate teams to fuel innovation and move the chocolate industry forward by delivering outstanding products and customer experience,” said Michael Simone, president of Puratos Canada. “In particular we see huge potential for our Cacao-Trace chocolate, products that have proven sustainable credentials, such as independent life cycle analysis (LCA) data and plant-based chocolate, for which demand is soaring not just here, but worldwide.”
Puratos also said the acquisition will open up collaboration between both companies’ expertise, manufacturing capacities and R&D as well as implement a thorough sustainability program that assures responsible sourcing of ingredients, thus minimizing waste and supporting initiatives meant to promote a healthier planet.