LONDON, UK: Apax Global Alpha, the closed-ended investment company providing access to the Apax Private Equity Funds, today announced that it has invested approximately €16.6m in Bazooka Candy Brands on a look-through basis, a statement said.
On 10th October 2023, the Apax XI Fund (Apax XI), in which AGA is a limited partner, announced that it had acquired Bazooka, a portfolio of leading non-chocolate confectionary (NCC) brands, from Michael D. Eisner’s Tornante Company and funds affiliated with Madison Dearborn Partners (MDP).
Bazooka produces, markets, and distributes a range of iconic confectionary brands, including Ring Pop®, Push Pop®, Baby Bottle Pop®, Juicy Drop®, and Bazooka Bubble Gum®. The Company’s portfolio spans lollipops, gummies, chewy candy, and gum, packed in highly unique formats to deliver Edible Entertainment® experiences to generations of customers since 1947. Within the US, Bazooka is a top-10 manufacturer in the NCC category and holds a leading share position in ‘front of store sales’, a coveted, high margin segment for retailers.
Products are distributed worldwide with c.80% of sales in the US across a broad network of channels, with the remaining c.20% of sales occurring internationally in over 40 countries. Over the past several years, Bazooka’s U.S. retail sales growth has significantly outpaced the overall confectionary category, and in the year-to-date period through August 2023, retail sales have grown approximately 29% year-over-year.
Apax’s Internet/Consumer sector team, working in partnership with Bazooka’s management team, will look to stand the company up as an independent business and build on the success of Bazooka’s global portfolio of beloved confectionery brands. In support of its growth efforts, the team will focus on distribution growth, product innovation, geographic expansion, and the strategic acquisition of brands in complementary categories.
AGA, whose shares are listed on the London Stock Exchange, provides investors with access to a diversified portfolio of private equity funds advised by Apax as well as a focused portfolio of mostly debt investments. In June 2022, AGA made a commitment of c. $700m to Apax XI.