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4:15 PM  July 22, 2021

Media: Tomsk holding KDV Group bought candy production in the U.S.

© РИА Томск. Олег АсратянMedia: Tomsk holding KDV Group bought candy production in the U.S.

TOMSK, Jul 22 – RIA Tomsk. One of the largest producers of confectionery products in Russia – Tomsk holding KDV Group – has acquired the American production of fruit and nut sweets Aplets & Cotlets; Tomsk company will continue to produce sweets, but also intends to import more than 700 food items to the United States, Forbes reported on Thursday.

It is specified that the Russia's largest confectionery holding company, KDV Group, owned by Forbes ranking member Denis Shtengelov, has acquired Liberty Orchards, an American manufacturer of fruit and nut sweets Aplets & Cotlets.

"The American company announced the deal in late June on its Faсebook page. The announcement notes that the company will continue full operations, retaining all employees. The amount of the deal, its structure and parameters are not specified", – the statement said.

It is noted that KDV Group for the first time will enter the U.S. market, but in addition to continuing to produce candy Liberty Orchards, will import into the U.S. more than 700 different food products.

It is added that Liberty Orchards was founded in 1920 by Armenian immigrants Armen Tertsagyan and Mark Balaban. The company originally made preserves of local fruits, but, wanting to get rid of the excess of apples, started to produce sweets. The company is run by the third generation of its founders. Liberty Orchards sells less than 25 million dollars worth of candy a year.

It is reported that the company announced its intention to sell the business at the end of 2019. One reason cited is the deterioration of the company's economy due to the coronavirus pandemic. But experts also say one reason could be that younger family members have not shown interest in continuing to work at Liberty Orchards.

According to the SPARK-Interfax information and analysis system, OOO KDV Group was registered in Tomsk in 2004. The company is part of the holding structure of AO KDV and in its turn owns or co-founded three other companies: OOO KDV Brand Rus in Tomsk, OOO KDV Agroholding in Moscow and OAO Kemerovskiy Konditerskiy Kombinat ("Kemerovo Confectionery Plant").

Revenues of KDV Group in 2020 amounted to almost 153.8 billion rubles. At the same time, net profit quadrupled compared to 2019 to 3.4 billion.

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