11th Oct 2023 09:47
(Alliance News) - Apax Global Alpha Ltd on Wednesday said it has invested EUR16.6 million in Bazooka Candy Brands.
The Guernsey-based investor backs technology, services, healthcare, internet and consumer-focused firms.
Apax XI Fund, in which Apax Global Alpha is a limited partner, acquired Bazooka on Tuesday from Tornante Co LLC and funds affiliated with Madison Dearborn Partners.
Bazooka is a non-chocolate confectionery brand portfolio based in New York. It produces products including Ring Pop, Push Pop, Baby Bottle Pop, Juicy Drop, and Bazooka Bubble Gum.
Apax noted that in recent years, Bazooka's US retail sales growth has outpaced the overall confectionery market. So far in 2023, sales have grown 29%.
The firm said it will look to "stand the company up" as an independent business, focusing on growing distribution, product innovation, geographic expansion and strategic acquisitions.
Apax Global Alpha shares were down 0.3% to 167.55 pence each on Wednesday morning in London.
By Harvey Dorset, Alliance News reporter
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