Although the exact figured of the deal has not been disclosed, it was expected that the combined 2016 turnover of both companies, will exceed £50M.
Strategy to be UK’s leading confectionery supplier
Innovative Bites said the purchase is the first step in a long-term growth strategy to become the UK's leading confectionery supplier.
The acquisition will see the headquarters of both companies retained as well as all of the 150 combined staff.
Innovative Bites was launched in 2008 and has grown to be one of the UK's leading suppliers of core American foods with exclusive brands including: Hostess Twinkies, Boylan, Warheads, Cookie Dough Bites and MOM cereal brands.
Sales at £25M
Last year, sales hit £25M at the wholesale and it supplied a number of major supermarkets and discount chains across the UK and Europe.
Founder and owner of Innovative Bites, Vishal Madhu, said: “Bonds of London is one of the UK's oldest and leading confectionery suppliers and its acquisition will significantly enhance the product offering and services to Innovative Bites customers.
“Over the years both companies have established a deep-rooted culture of success based on winning products and industry-leading customer service, so together I believe the sky is the limit.
“The acquisition represents a win-win for both Bonds of London and Innovative Bites and we are all very excited about the future.”
Strengthens both businesses
Bonds of London md Philip Courtenay-Luck, said: “This is a move that strengthens both businesses and will allow us together to better serve our customers' needs.
“Innovative Bites imported American products combined with Bonds traditional sweet brands and highly respected multiple own label supply service makes for a powerful combination and I am hugely excited about being part of this next phase.”
Bonds began making handmade sweets in 1895 and many of the original recipes are still used in today’s products.