Skadden and Cravath strike sweet deal as Lindt closes in on US candy rival purchase
Skadden Arps Slate Meagher & Flom and Cravath Swaine & Moore have landed leading advisory roles as Swiss chocolate company Lindt & Sprungli has agreed a deal to buy US rival Russell Stover.
July 15, 2014 at 05:03 AM
2 minute read
Skadden Arps Slate Meagher & Flom and Cravath Swaine & Moore have landed leading advisory roles as Swiss chocolate company Lindt & Sprungli has agreed a deal to buy US rival Russell Stover.
The acquisition would create the third-largest chocolate manufacturer in North America. The addition of family-owned Russell Stover, which a turnover of roughly $500m, is expected to boost the Kilchberg-based company's turnover to $1.5bn in North America in 2015.
Skadden's New York and Washington offices acted for Lindt on transactional aspects with a team led by corporate partners Sean Doyle and Paul Schnell, who was supported by antitrust partner Sharis Pozen and tax partner Sally Thurston.
Russell Stover was advised by Cravath Swaine & Moore, which fielded corporate partners Philip Gelston and Ting Chen as well as tax partner Michael Schler.
Litigation and business law outfit Husch Blackwell was co-counsel on the deal for Russell Stover, with corporate partner James Ash leading the team.
Lindt is financing the acquisition through net cash resources and bank loans. The purchase price of the deal has not been disclosed.
Lindt is best known for its foil-wrapped chocolate balls and bunnies, while Missouri-headquartered Russell Stover, which owns the Whitman's brand in the US, is known for its boxed chocolates.
In addition to Lindt's flagship brand, the Swiss group also owns the Ghiradelli Chocolate Company.
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