Giovanni Ferrero, scion of the Italian family behind Nutella and Kinder Chocolate, is forging his own direction.
Net assets of his investment firm, CTH, rose 40% last year to 2.8 billion euros ($3.3 billion), filings show. The increase was boosted by its $300 million purchase of Danish cookie baker Kelsen Group, an acquisition designed to help preserve Italy’s biggest fortune by diversifying beyond the confectionary business.
Giovanni has “established his presence in the wider sweet packaged-food market” with CTH, said Guido Giannotta, a director of the Brussels-based firm, who helps manage the Ferrero family’s fortune.
Such a move will “represent an important de-risking solution, both in terms of product categories and geographical reach,” he added.