Sources tell the Wall Street Journal that privately-held candy-maker Russell Stover is up for sale.
Founded 90 years ago by Russell and Clara Stover, Russell Stover is currently the third-biggest U.S. manufacturer of candies, generating annual sales of about $600 million. Its chocolate candy gift boxes are a familiar sight to shoppers at a broad range of retail locations, including supermarkets, convenience and drug stores.
The asking price for Russell Stover could be higher than $1 billion. The company has a current payroll of about 4,500 workers. It earns about $60 million a year, before interest, tax, depreciation and amortization. Discussions about a possible sale of the company are said to be in the early stages.
In addition to is eponymous brand, Russell Stover also owns the Whitman’s and Pangburn’s candy brands.