Nestlé is set to acquire a “majority stake” in Grupo CRM, a premium chocolate company in Brazil.

With agreement from Advent International, the deal is expected to close in 2024 and is “subject to customary regulatory approvals”.

Nestlé has said that the financial details of this transaction “will not be disclosed”.

Grupo CRM currently operates with a direct-to-customer model and has over 1,000 chocolate boutiques under the Kopenhagen and Brasil Cacau brands.

Renata Moraes Vichi, who has been with the company for 25 years, is set to continue to lead the Grupo CRM operations as CEO and will remain a minority shareholder.

Commenting on the acquisition, Laurent Freixe, CEO Zone Latin America at Nestlé, said, “This acquisition further broadens and strengthens our confectionery presence in Brazil, enabling us to enter the high-end segment.

Kopenhagen and Brasil Cacau offer premium chocolates that are highly appreciated by Brazilian consumers. We are pleased that Renata Vichi will continue to lead the company with her deep knowledge and passion for the chocolate business, people and brands. Together, we will explore opportunities to further enhance the company’s unique premium chocolate experience.”

Kopenhagen was founded back in 1928 in Brazil and has grown to include brands such as Língua de Gato, Nhá Benta, Lajotinha, Chumbinho and Cherry Brand. Meanwhile the Brasil Cacau brand was launched in 2009 and is now available in various stores all across Brazil.

Nestlé has said  that this transaction will the company to grow in the high-end gifting segment and that it will “capitalise on its global research and development capacity to help drive innovation and growth”.