By Adria Calatayud

Nestle said it has reached a deal with Advent International to buy a majority stake in Brazilian chocolate company Grupo CRM for an undisclosed sum, in a bid to bolster its confectionery presence there.

The Swiss consumer-goods giant said the deal will allow it to enter the high-end segment of the Brazilian market. Grupo CRM operates more than 1,000 chocolate boutiques under the Kopenhagen and Brasil Cacau brands and has a growing online presence, Nestle said.

Renata Moraes Vichi will continue to lead Grupo CRM as chief executive and will remain a minority shareholder, Nestle said.

Nestle said it wouldn't disclose financial details of the deal, which is expected to be completed next year, subject to customary regulatory approvals.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

September 07, 2023 01:48 ET (05:48 GMT)

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