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It's a crunchy-sweet marriage made in the Motor City: Kar's Nuts has acquired the maker of Sanders chocolate, The Detroit News reports.
Breana Noble writes:
The combination of Madison Heights' KNPC Holdings LLC and Detroit's Morley Candy Makers LLC prepares the company to be a leading platform within the snacking industry. Nick Nicolay, CEO of the merged company, said the combined revenue for the year is expected to be $185 million.
"Sanders is a well-run company with some good-quality products," said Nicolay, Kar's Nuts president, "that was profitable and that could give us some diversification out of our traditional nut and trail mix line. We see ourselves in the healthier space. They're more in the indulgent space."
Nicolay declined to provide details on the deal, but said the acquisition will provide the Sanders division with expanded national distribution opportunities and offer Kar's Nuts additional production and product innovation capabilities.
Sanders CEO Brian Jefferson expects to remain through a six-month transition period. No layoffs are anticipated, and Sanders retail stores in Metro Detroit and on Mackinac Island will remain open.
Sounds like a sweet deal all around.
