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Let’s TalkGlobal PE Firm Apax Partners to Acquire Bazooka Candy Brands at a Valuation of USD $700 Million
According to The Wall Street Journal, United Kingdom-based private equity firm Apax Partners has agreed to acquire Bazooka Candy Brands International Ltd, a global confectionery company based in Richmond, United Kingdom. This will be the first acquisition by Apax Partners in the confectionery category.
Transaction Summary
Our Take on the Acquisition
Apax Partners (acquirer) has acquired Bazooka Candy Brands (target) for its brands, products, and distribution channels. According to The Wall Street Journal, Apax has agreed to buy the 75-year-old confectioner in a transaction that values Bazooka Candy Brands at approximately USD $700 million, including debt.
The Facts of the Acquisition
- Target: Bazooka Candy Brands makes and markets a variety of confectioneries such as lollipops, chewy candy, candy spray, and gum. Its products are sold in more than 40 countries across Europe, North America, South America, Asia, and Australia.
- Acquirer: Apax Partners, founded in 1981, is a leading private equity firm based in London, United Kingdom. The firm has raised and invested more than USD $65 billion across four sectors: tech, services, healthcare, and internet/consumer.
The Transaction
| Date: | Reported by The Wall Street Journal: August 14, 2023 |
| Price: | USD $700 million |
| Purpose: | To expand into the consumer market space. |
Target/Seller: Bazooka Candy Brands
Company Information
| Target: | Bazooka Candy Brands International Ltd |
| Website: | bazookacandybrandsinternational.com |
| Founded: | 1938 |
| Industry: | Confectionery Manufacturing |
| Type: | Private – owned by private equity firm Madison Dearborn Partners |
| Employees: | 80 (Self-published on LinkedIn) |
| Investors: | Madison Dearborn Partners: A private equity firm based in New York, United States. Tornante: The private investment firm of Michael Eisner, former CEO of Disney |
| Locations: | Head Office: Richmond Place, 15 Petersham Road, Richmond, Surrey, United Kingdom Regional Office: 200 Vesey Street, New York City, New York, United States |
Product Information
| Products: | Chewing Gum – The original Bazooka product introduced in 1947 Lollipops – Hard candy in a variety of flavors Taffy – Chewy candy in a variety of flavors Candy Spray – Sweet spray in a variety of flavors |
| Brands: | Push Pop Juicy Drop Bazooka Big Baby Pop! Mega Mouth Ring Pop |
| Market Reach: | 40 countries, including: Europe: United Kingdom, Germany, France, Spain North America: United States, Canada, Mexico South America: Brazil, Argentina Asia: Saudi Arabia, UAE, Japan Australia: Australia, New Zealand |
Financial Information
| Revenue: | EUR €38.74 million (USD $44.16 million) (Source: Companies House, the UK equivalent to the U.S. Securities and Exchange Commission) |
| Revenue per Employee: | EUR €484,200 (USD $551,988) i.e., EUR €38.74 million / 80 employees = EUR €484,200 – estimated based on the self-published number of employees and the revenue from Companies House. |
Did You Know?
Data Bridge Market Research reports that the global non-chocolate candy market was valued at USD $87.59 billion in 2021 and is expected to reach the value of USD $134.42 billion by 2029, at a CAGR of 5.50% during the forecast period of 2022 to 2029. Non-chocolate candies, also known as confectioneries, include gum, toffee, gummies, nougat, licorice, hard candy, sour candy, and caramel. This type of candy is in higher demand on certain holidays such as Easter, Valentine’s Day, Halloween, and Christmas.
Target/Seller Overview: Bazooka Candy Brands
Bazooka Candy Brands markets international confectioneries it calls “Edible Entertainment.” Bazooka began as a part of the Topps Chewing Gum company, which started in 1938. Topps developed Bazooka Bubble Gum in 1947 after World War II. The iconic gum got its name from a novelty musical instrument that Marine Corp Jazz Band leader and comedian Bob Burns made from two gas pipes and a whiskey funnel he called a “bazooka.” But unlike other Topps products with sports trading cards, in 1953, Topps started including comics featuring “Bazooka Joe,” a blonde kid with an eye patch, and his gang to distinguish Bazooka from other brands. In October 2007, the U.S. private equity firm Madison Dearborn Partners acquired Bazooka. In 2020, following the sale of the Topps Trading cards business, the Bazooka Candy Group of companies became a stand-alone business.
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Explore Your Options NowBuyer/Acquirer: Apax Partners
Company Information
| Buyer: | Apax Partners |
| Website: | apax.com |
| Founded: | 1981 |
| Industry: | Private Equity |
| Type: | Limited Liability Partnership |
| Employees: | 506 (Self-published on LinkedIn) |
| Locations: | Head Office: 33 Jermyn Street, London, SW1Y 6DN, United Kingdom Regional Office #1: 601 Lexington Avenue, 53rd Floor, New York, United States Regional Office #2: 16/F Nexxus Building, 41 Connaught Road Central, Hong Kong, People’s Republic of China Regional Office #3: Piramal Tower, 6th Floor, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai, India Regional Office #4: 65th Floor, Shanghai World Financial Center, 100 Century Avenue, Shanghai, Pudong New District, People’s Republic of China Regional Office #5: Theatinrstr. 3, Munich, Germany Regional Office #6: Museum Tower, 4 Berkowitz Street, Tel Aviv, Israel |
Investment Areas
| Target Type: | Private Companies |
| Target Enterprise Value: | USD $1 billion to 5 billion |
| Investment Strategy: | Taking a controlling stake with a helpful, collaborative approach. |
| Sectors: | Healthcare Internet/Consumer Services Tech |
Financial Information
| Revenue: N/A |
Buyer/Acquirer Overview: Apax Partners
Apax Partners is a UK-headquartered global private equity firm focused on the upper middle market. It is ranked the 15th largest PE firm in the world, and since its founding in 1981, it has raised more than USD $65 billion. The firm raises capital for its investment funds through institutional investors including corporate and public pension funds, university and college endowments, and foundations.
Previous Acquisitions by Apax Partners (Partial List)
- Infraneo (2023) – Based in France, the company offers inspection and diagnostic services for infrastructure projects.
- Prosolt (2023) – A long-established preclinical contract research organization headquartered in France.
- MailInBlack (2022) – A company producing IT solutions for the security of electronic exchanges based in France.
- Pickles Auctions (2022) – Headquartered in Australia, this is a marketplace for used vehicles, salvage, industrial, agricultural, and general goods.
- EcoOnline (2022) – A software producer for chemical documentation in Nordic countries based in Norway.
- Alcumus (2022) – A technology-enabled compliance risk management, certification, and accreditation services provider in the United Kingdom.
- Ole Smoky Distillery (2022) – A corn whiskey distillery in Tennessee, United States.
- Odin Groep (2022) – An IT solutions, cloud hosting, security, managed services, and consultancy provider based in the Netherlands.
- American Water – Homeowner Services Group (2021) – Supplies high-quality water and wastewater services to communities across the United States.
Sources
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