1-800-Flowers.com completes sale of Fannie May Confections Brands to Ferrero
US-based gourmet food and floral gift provider 1-800-Flowers.com has completed the sale of Fannie May Confections Brands and its subsidiaries Fannie May Confections and Harry London Candies, to Ferrero International (Ferrero).
According to the deal, Ferrero has acquired the outstanding equity of Fannie May Confections Brands for $115m in cash, subject to adjustments for seasonal working capital.
1-800-Flowers.com CEO Chris McCann said: “The sale of Fannie May further strengthens our balance sheet while concurrently reducing the working capital requirements in our business model.
“Importantly, the strategic commercial agreement we have signed with Ferrero will enable us to continue offering the iconic Fannie May and Harry London chocolate brands across our e-commerce and wholesale gift basket channels while also adding some of Ferrero’s world-renowned chocolate confectionery brands, including Nutella, Ferrero Rocher and Raffaello, to our product offering.
Both companies have also entered into a strategic commercial partnership, which will enable 1-800-Flowers.com to distribute Fannie May, Harry London and some Ferrero products through its e-commerce websites, as well as in gift baskets that are retailed in the club, food, drug and mass channels in the US.