The transaction, which is subject to customary regulatory approvals, is expected to close in 2024.
Nestlé has reached an agreement with private equity firm Advent International to acquire a majority stake in Brazilian premium chocolate maker Grupo CRM for an undisclosed sum.
Grupo CRM operates a direct-to-consumer strategy, with more than 1,000 chocolate boutiques under the Kopenhagen and Brasil Cacau brands and a growing online presence.
The deal will facilitate Nestlé’s expansion within the “high-end” gifting sector. Nestlé says it will leverage its global research and development capabilities to fuel innovation and foster growth. Additionally, the food giant said it will support Grupo CRM’s sustainability ambitions.
In June, the country's antitrust authority CADE approved the acquisition of local chocolate maker Garoto by Nestlé Brasil with a number of conditions. The company said it intends to invest 2.7bn reais ($550.8m) into its chocolate and biscuit operations in Brazil up to 2026.
Overall, the company employs more than 30,000 people in Brazil and has 20 industrial units and nine distribution centres.