GREENWICH, CT -- Brynwood Partners V L.P. has agreed to sell its investment in DeMet's Candy Co. for $221 million to Yildiz Holdings A.S., owner of the Godiva chocolate brand. The transaction is expected to close in January.
DeMet's Candy, headquartered in Stamford, CT, manufactures and markets premium priced chocolate confection products under the Turtles, Treasures and Flipz brands.
Yildiz Holding A.S., founded in 1944 and based in Istanbul, is a global food and beverage company with sales in more than 80 countries.
Brynwood Partners, a private-equity group, formed DeMet's Candy in 2007 to acquire the Turtles brand in the U.S. from Nestlé USA and combined it with the Flipz brand, which it had acquired from Nestlé USA in 2004.
DeMet's Candy employs approximately 200 people and operates two manufacturing facilities in the U.S. Its chief executive, Peter Wilson, will join Brynwood Partners. The rest of DeMet's Candy's management team will remain with the company.