World-famous chocolate maker Godiva, now under Turkish ownership, has made a deal for its retail and distribution in four Asia-Pacific countries.
Asian private equity firm MBK Partners will purchase retail and distribution operations from Turkey's Yildiz Holding in four of Godiva's 100-plus markets -- Japan, South Korea, Australia, and the future rights to develop New Zealand -- the companies announced on Wednesday.
The deal also includes Godiva's production facility in Brussels, which supplies product to these markets.
Godiva will continue to source products from the Belgian plant, and all remaining markets will continue to be owned and operated by Godiva.
In 2007 Istanbul-based Yildiz Holding bought Belgian chocolate producer Godiva for $850 million and in 2014 bought Britain's United Biscuits for $2.63 billion.
Murat Ulker, the chairman of Godiva and Yildiz Holding, called the deal an ideal solution that provides the momentum to fuel expansion in high potential areas.
Annie Young-Scrivner, the CEO of Godiva Chocolatier, said the deal will help the company execute its growth strategy.
