Former Disney CEO Michael Eisner to sell Bazooka Candy Brands
Private-equity firm Apax to buy brand for $700 million.
courtesy of: Bazooka Candy Brands
The Wall Street Journal reports that former Disney Chief Executive Michael Eisner will be selling Bazooka Candy Brands to global buyout firm Apax Partners. The deal puts the gum maker at around $700 million including debt.
Eisner has owned Bazooka for more than 15 years. He originally bought the company for $385 million in 2007, which included the candymaker as well as the Topps collectible business, through his private investment company Tornante. Private-equity firm Madison Dearborn Partners also collaborated to buy Bazooka.
Bazooka is known for its namesake gum as well as Push Pop lollipops, Juicy Drop, Big Baby Pop, Ring Pop, and Mega Mouth, a candy spray.
Bazooka was originally known as Topps Chewing Gum and was founded in 1938. Its namesake bubble gum was developed after World War II, and in 1949, Topps added photo cards as freebies inside its packs of gum.
Read the full story here at the Wall Street Journal.
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