ACON Investments Completes Divestment of Dori Alimentos

Dori is a pioneer in the Brazilian snack market and has experienced significant organic EBITDA growth during ACON’s investment period.

WASHINGTON and SÃO PAULO, Oct. 4, 2023 /PRNewswire/ — ACON Investments announced that it has completed the full divestment of their interest in Dori Alimentos, a family-controlled company backed by an affiliate of ACON Investments, to Ferrara Candy Company a Ferrero-related company and the largest sugar confections company in the U.S. Dori is one of Brazil’s leading manufacturers and distributors of sweets and snacks. During ACON’s holding period, Dori more than tripled its EBITDA, purely through organic growth, as a result of both increased revenue and margin expansion.

This transaction represents the third exit of ACON’s fourth Latin America fund. ACON has 27 years of experience in Latin America, where it has invested in 41 companies in 10 different countries and has achieved 29 exits. The firm is currently investing its fifth Latin America Fund.

Since its founding in 1967, Dori has built strong and recognized brands that are loved by millions of consumers across Brazil including Dori, Pettiz, Jubes, Gomets, Deliket, Disqueti, Yogurte 100, and Bolete. Dori’s strong portfolio, consistent performance and multi-channel nationwide distribution capabilities have allowed it to enjoy double-digit revenue growth over the last several years.

“We have seen Dori evolve tremendously since our initial investment in 2016 and are excited for Dori to be embarking on a new phase in its history. We believe that Dori and Ferrara will form a strong partnership that will create value for all stakeholders,” said Rodrigo Galvão, partner at ACON Investments in Brazil.

“We are thrilled to join Ferrara, who we are confident is the right partner for this next step of Dori’s incredible story,” commented Pedro Lobo, Chief Executive Officer of Dori. “Like us, Ferrara puts the consumer at the center of all they do, shares our spirit of innovation and believes in the emotional power of candies and snacks. This pairing reflects the outstanding company that the Dori team has built over fifty-six years and our standing as industry pioneers in Brazil. We are thrilled to preserve that valued heritage.”

“For many years, Ferrara has been a great inspiration for building Dori’s product portfolio and, perhaps because of this, they seem to be similar companies. I am happy to see that Dori will be instrumental to the official expansion of Ferrara into Brazil, which will certainly provide the best path for the success of the business we have built,” said Vitor Barion, Chairman of the Board of Directors of Dori.

“Dori is a great fit with Ferrara, with a complementary portfolio of candies, similar heritage and a values-driven internal culture,” remarked Marco Capurso, Chief Executive Officer of Ferrara. “We have deep admiration for Dori’s products and extraordinary team. We are excited to enter the fast-growing Brazilian market and create tremendous opportunity ahead for both Dori and Ferrara.”

Dori’s over 3,100 employees will join Ferrara’s 4,600 team members to advance a shared vision and strategy and bring additional sweetness to consumers around the world.

Financial terms of the transaction were not disclosed. Banco J.P. Morgan S.A. acted as exclusive financial advisor to Dori. Cescon Barrieu were legal advisors to Dori, and Lefosse Advogados and Hogan Lovells were legal advisers to ACON.

About ACON Investments

ACON Investments, L.L.C. is a Washington, D.C.-based international private equity investment firm that manages private equity funds and special purpose partnerships that make investments in the United States, Latin America and Europe. With professionals in Washington, D.C., Dallas, Los Angeles, New York, Bogotá, Madrid, Mexico City and São Paulo, ACON has managed $7.0 billion in assets since inception and has a 27-year track record. For more information, visit

About Ferrara Candy Company

For more than 100 years, Ferrara has created sugar confections that share delight in every bite to candy lovers of all generations. Today, the company is the leading sugar confectioner in the U.S. Ferrara has a team of more than 4,600 employees working together to create and deliver hundreds of products sold under a portfolio of popular brands such as Black Forest®, Brach’s®, NERDS®, SweeTARTS®, and Trolli® to millions of U.S. households annually. Ferrara’s success in industry-leading innovation has been driven by deep consumer insights and retailer partnerships, and a dedication to diversity of thought, experience, and people. Headquartered in Chicago, Ferrara has an operational network of 13 facilities in North America that includes manufacturing, distribution sales and R&D. The privately held company is a Ferrero-related company. Learn more at or 

About Dori Alimentos

With more than 56 years of history, Dori is one of the leaders in Brazil in the segments in which it operates, consolidating itself as one of the largest and most relevant national manufacturers and distributor of healthy peanut snacks, sweet snacks and chocolate snacks, with the brands Dori, Pettiz, Gomets, Yogurte 100, Bolete, Deliket and Disqueti. The company currently exports to more than 40 countries on 5 continents. Headquartered in the city of Marília, it has more than 3,100 employees in four industrial units in Brazil. Dori Alimentos is currently registered as a publicly traded company (category A) within the Brazilian Securities Commission (CVM). Learn more at or .

For more information, please visit


Meena Thever
ACON Investments, L.L.C.                                                  | 202.454.1100

Rodrigo Galvão
ACON Investments, L.L.C.                                                  | 55.11.3017.7660

SOURCE ACON Investments, L.L.C.