Belgian manufacturer of gourmet chocolates, Godiva Chocolatier, has completed the sale of selected assets of its Asia Pacific business to South Korea’s MBK Partners.
Godiva, a subsidiary of Turkey’s Yildiz Holding, said the deal with the private equity firm includes Godiva’s retail and distribution operations in Japan, South Korea and Australia as well as the future rights to develop New Zealand.
The transaction also includes the Godiva production facility in Brussels that supplies product to these markets.
No financial terms were disclosed, but according to a previous Reuters article about the announcement of the sale, the transaction could be worth between $1 billion and $1.5 billion.
Godiva, which will retain exclusive brand ownership in all global markets, said the deal is in line of its global strategy to grow its business five-fold.
Godiva said it is granting perpetual license to MBK Partners but will continue to own and operate the remaining markets in over 100 countries.
According to the chocolatier, it will maintain its R&D Center of Excellence in Brussels, Belgium, and will continue to source its products from the Belgian facility, the Godiva-owned production facility in the US and from its affiliate facilities in Istanbul, Turkey.
The company previously announced it will use the proceeds of the sale to finance diversification, including an expansion of its cafe business from 20 stores to more than 2000 globally in the next six years.