PwC and Squarefield advise cross-border deal in Europe’s chocolate market

Windel Group, a German player in the chocolate market, has acquired The Chocolate Family, a smaller counterpart based in Belgium. PwC and Squarefield provided M&A advisory support.

Founded in 1900, Windel Group is a family-owned business that sells premium confectionery, seasonal chocolate and coffee concepts. The company has more than 800 employees and sells its products in over 70 countries.

Windel Group operates with several brands, including Farüchoc Schokoladenfabrik, Kim’s Chocolates, the Coffee-Bike and now The Chocolate Family. The acquisition of the Belgian player was supported by PwC, which delivered the financial due diligence and provided legal advisory.

Seller The Chocolate Family meanwhile was guided through the M&A process by Squarefield. “We thank Squarefield for their thoughtful guidance, industry expertise, and unwavering commitment, which played a key role in the success of this transaction,” said Ellen Huurman, CEO of The Chocolate Family.

Headquartered in Belgium, The Chocolate Family offers a range of high-quality chocolates, pralines, (filled) figurines and seasonal specialties. The company has more than 200 employees across two production sites in Essen and Vichte, and also operates Art of Chocolate stores in Germany and the Netherlands.

“This partnership represents the natural next step in our journey. Together with Windel Group, we accelerate our growth strategy, strengthen our position in the market and create the momentum needed to unlock new opportunities for the future,” said Huurman.

According to data from IMARC Group, the size of the European chocolate market was estimated at $78 billion in 2024, with growth expected to about $111 billion by 2033. The premium segment – the area of focus for both Windel Group and The Chocolate Family – accounts for around 16% of the total market.