Houlihan Lokey Advises Katjes International

Houlihan Lokey is pleased to announce that Katjes International (Katjes) has agreed to acquire Graze (Nature Delivered Ltd.), a leading U.K.-based healthy snacking brand, in a carve-out from Unilever, which will strengthen Katjes’ existing brand portfolio in the U.K., adding to the acquisition of Candy Kittens. The transaction was announced on 1 December 2025 and is expected to close in 1H 2026. Houlihan Lokey served as the exclusive buyside M&A and financing advisor to Katjes.

Katjes focuses on acquiring and holding strong brands across Europe. Katjes pursues a long-term investment approach, supporting its subsidiaries in their growth while allowing them to maintain their unique brand identities and local management.

Nature Delivered Ltd. (Graze), a certified B Corp., is a health-focused snack company and one of the leading brands in its segment, with a strong presence in U.K. grocery retail. Renowned for its innovative and nutritious snack combinations, Graze has built a loyal customer base with its diverse snacking portfolio.

Candy Kittens, acquired by Katjes in 2019, is one of the fastest-growing confectionery brands in the U.K. The company is dedicated to creating plant-based gourmet sweets. Candy Kittens has built a loyal following and a strong retail presence, becoming synonymous with modern, high-quality vegan treats.

The agreed acquisition of 100% of the shares in Graze through Katjes’ subsidiary, Future Snacks Ltd., strategically expands its existing brand portfolio, with Graze and Candy Kittens sharing a high degree of overlap in terms of their customer base and distribution channels. Katjes views this acquisition as a perfect fit for its strategy to continue growing with strong consumer brands across Europe.

Houlihan Lokey served as the exclusive buyside M&A and financing advisor to Katjes in a deal that exemplifies the continued success of Houlihan Lokey’s dedicated coverage in the food and beverage sector and the Capital Solutions team.

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