Former Disney CEO Michael Eisner Sells Gum, Candy Maker Bazooka for $700M
Former Walt Disney CEO Michael Eisner has sold Bazooka Candy Brands to private equity firm Apax Partners for approximately $700 million, including debt, reported the Wall Street Journal.
The deal ends Eisner’s 15-year ownership of the 85-year-old gum and candy company, which also previously owned trading card company Topps. He purchased Bazooka in 2007 for $385 million through his Tornate private investment company, partnering with private equity firm Madison Dearborn Partners. After leaving Disney, Eisner founded Tornate in 2005.
In 2021, the trading card unit was expected to go public through a special purpose acquisition company (SPAC) for more than $1 billion. However, Major League Baseball and its union teamed with a different company owned by sports merchandising firm Fanatics. A year later, Fanatics paid $500 million for the trading card business.
Apax Partners also owns Tommy Hilfiger, Rue 21, and Ole Smoky Distillery, among other consumer brands.