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Zetar takes a bite out of Lir Chocolates

Tuesday, December 18, 2007

AIM listed confectionery and snack foods group Zetar, said today that its Kinnerton subsidiary had agreed a deal to buy Lir Chocolates Ltd, an Irish manufacturer of luxury brand and private label boxed chocolates for €8 million (£5.7 million).

The move further establishes Zetar's Confectionery division in the growing premium indulgent sector of the chocolate market, adding to the acquisition of HHF in 2006.

Notably, the acquisition comes with an agreement use the Baileys brand in adult chocolate confectionery markets in Ireland, the UK and other North European countries.

As part of the acquisition funding, Zetar conducted a share placing of 714,285 new ordinary shares at £5.60 per share to raise £4.0 million (gross), which was fully underwritten by Lincoln Vale European Partners.






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