German cake mixes producer Dr Oetker is set to acquire US-based baking, cake decorating and candy making firm Wilton Brands from TowerBrook Capital Partners’ affiliate.

Financial details of the acquisition have not been disclosed by both the companies.

Since its inception 1929, Wilton has been providing cake decorating, candy making, bakeware and party products to customers across the globe.

Dr Oetker Board of Management chairman Dr Albert Christmann said: “The acquisition of Wilton means the expansion of our position in the large and interesting US market for baking and decorating.

“For American consumers, the Wilton brand has been synonymous with home baking and the creative decorating of cakes, pies and baked goods for almost 90 years.

“With its product portfolio and strong brand, Wilton fits well with Dr Oetker. Wilton also is very progressively positioned in terms of the use of digital brand management. Dr Oetker’s entire organisation will benefit from this expertise.”

“The acquisition of Wilton means the expansion of our position in the large and interesting US market for baking and decorating.”

Dr Oetker is associated with the food and beverage industry that offers and has been offering baking products and baked goods.

The company also owns multiple baking and dessert brands in more than 35 countries across the globe.

Wilton Brands CEO Sue Buchta said: “The opportunity to draw on both companies’ strengths, combined knowledge and commitment to the category will position us to innovate and grow more quickly, benefitting our customers, our retail partners and our employees.”

The deal is expected to be completed before the end of this year.

Upon completion of the transaction, Wilton and its employees will continue to remain headquartered in Naperville, Illinois, US, and will be run as a division within the broad portfolio of companies owned by Dr Oetker.