Grupo Turin was founded in 1928 and produces brands such as Conejos and Turin. It is also the exclusive distributor of Lindt in Mexico as well as Barry Callebaut’s Cacao Barry and Callebaut brands.
Growing Mexican market
Mars said in a release that the acquisition will help it “take advantage of the projected growth of the Mexican chocolate category over the next decade”.
Mexico's chocolate confectionery market is worth $1.1bn in retail value sales in 2015, according to Euromonitor International. The research organization predicts the market will record a compound annual growth rate (CAGR) of 5.4% with seasonal chocolate, tablets and boxed assortments the fastest growing sub-segments.
Mars holds a 21.3% share of the Mexican chocolate confectionery market, making it second behind market leader Nestlé, which commands a 25.1% share, according to Euromonitor.
Mars' Turin deal is expected to be completed in Q1 2016 subject to approval from the Mexican Antitrust Commission. Grupo Turin will operate separately until then.
Family business Turin has two production facilities in Mexico and has an annual capacity of 12,770 metric tons. The company employs around 800 people.
According to the firm’s website it has distribution in 25 countries including the US, Japan, Brazil, Italy, the UK and South Africa.
The company sources all its liquid chocolate through Barry Callebaut under a long-term outsourcing agreement.