Godiva Chocolatier, owned by Turkish conglomerate Yildiz Holding, has entered into an agreement to sell certain assets to North Asia private equity firm MBK Partners.

As per the terms of the agreement, MBK Partners will acquire Godiva’s retail and distribution operations in Japan, South Korea and Australia, as well as future rights in New Zealand

The deal includes consumer packaged goods, digital-commerce, travel retail for Japan and South Korea, and over 300 retail stores.

Godiva Chocolatier CEO Annie Young-Scrivner said: “We believe this deal is a win-win for everyone. It gives us the financial flexibility we need to execute our 5x growth strategy by accelerating efforts in new and existing markets and supporting the plan of opening more than 2,000 cafes globally while preserving our Belgian legacy, quality, and craftsmanship that have helped to make our brand iconic.”

“It gives us the financial flexibility we need to execute our 5x growth strategy by accelerating efforts in new and existing markets.”

The deal also includes Godiva’s production facility in Brussels that supplies product to these markets.

Subject to the customary closing conditions of Belgium employee works council consultations, as well as the expiry of the competition authority waiting period, the deal is expected to be completed by mid-2019.

Upon completion of the deal, Godiva Chocolatier will retain exclusive brand ownership in all global markets, granting a perpetual license to MBK Partners.

It will continue to source its products from the Belgian facility together with the production facility it owns in Pennsylvania, US, and its affiliate facilities in Istanbul, Turkey.

For this deal, Morgan Stanley acted as the exclusive financial advisor, while Baker McKenzie acted as the exclusive legal counsel to Yildiz Holding and Godiva.

Last September, GODIVA launched its G Cubes Collection, featuring the brand’s individually wrapped chocolate truffles. The collection featured a display of new flavours, colourful packaging and cubed chocolates.