KEX Confectionery is a leading confectionery producer in Romania and Austria.



In 1997 a fund managed by Meinl Bank took a major stake in the Romanian confectionery companies Kandia and Excelent. These were merged to create Kandia-Excelent, the second largest confectionary group in Romania. The company was sold in 2007 to Cadbury before being purchased again in 2010 and renamed Kandia Dulce; the first step in a new private equity strategy.

In 2012 a local competitor, Supreme Chocolat was acquired and merged into Kandia Dulce. In 2013, Heidi Chocolat, a premium Romanian producer (most of whose sales are international) and the Austrian Niemetz Schwedenbomben marshmallow business were acquired. Recently, Schokothek, a retail “front-end” with 16 stores was added to the Niemetz Schwedenbomben business.


Investment Thesis

Benefit from ongoing growth of consumption in CEE

Synergies through the combination of sub- scale businesses

Benefit from low cost production to win business internationally

Investment Objective

Continue to expand KEX Confectionery organically and through acquisition, before eventually IPOing the group.