Russell Stover strikes deal to sell to Lindt

Kansas City-based Russell Stover Candies Inc. reached an agreement Monday to sell to Swiss chocolate maker Lindt. The move will make the Lindt & Sprüngli Group the third largest chocolatiers in America by pairing Russell Stover and Whitman’s brands with the Lindt and Ghirardelli brands, according to the Kansas City Business Journal.

Terms of the deal were not disclosed, but Russell Stover has previously been valued at more than $1 billion by suitors, according to The Wall Street Journal.

Russell Stover, which has annual sales of around $500 million, is expected to continue maintaining its headquarters in Kansas City. The Ward family, which has owned Russell Stover and Whitman’s Candies Inc., recently ranked No. 124 on Forbes' list of wealthiest families, with an estimated net worth of $1.8 billion.

Rea more from the Kansas City Business Journal.