Godiva Chocolatier, owned by Yildiz Holding, is selling select assets to MBK Partners as part of a global strategy to grow the business fivefold.
Under the terms of the transaction, MBK Partners will purchase the retail and distribution operations in four of Godiva’s 100-plus markets; Japan, South Korea, Australia and the future rights to develop New Zealand.
It includes Consumer Packaged Goods (CPG), digital-commerce, travel retail (for Japan and South Korea) and more than 300 retail stores.
The transaction also includes the Godiva production facility in Brussels, Belgium, that supplies product to these markets. All remaining 100-plus markets will continue to be owned and operated by Godiva.
“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 supports the plan to open more than 2,000 cafes globally while preserving our Belgian legacy,” said Annie Young-Scrivner, CEO, Godiva Chocolatier.
The agreement has been approved by the Boards of Directors of both parties and the transaction is anticipated to close in mid-2019.
Post-close Godiva Chocolatier will retain exclusive brand ownership in all global markets, granting a perpetual license to MBK Partners, and will continue to own and operate the remaining markets in over 100 countries.
Godiva will continue to source its products from the Belgian facility, together with the production facility it owns in Pennsylvania and its affiliate facilities in Istanbul, Turkey and will also maintain exclusive rights to its iconic recipes.