The Chocolate Family
Squarefield acted as exclusive financial advisor to The Chocolate Family on the sale to Windel Group
On October 29, 2025, the shareholders of The Chocolate Family (“TCF” or the “Company”) entered into a definitive agreement to sell the Company to Windel Group (“Windel”). Windel is a German family-owned and vertically integrated group active across the broader confectionery category, with both production and distribution capabilities. Together with Windel, TCF will accelerate its growth strategy and build a future defined by innovation, customer intimacy and sustainability, all values shared by both companies.
By partnering with Windel, TCF will become part of an export-oriented player in the international confectionery space, and more specifically, collaborate with Kim’s Chocolates, Windel’s developer and manufacturer of premium Belgian chocolate tablets. The product assortments of TCF and Kim’s Chocolates are highly complementary, offering strong synergy potential across procurement, operations and commercial infrastructure.
TCF will provide Windel access to its NPD expertise, already reflected in TCF’s broad and on-trend (seasonal) chocolate range. Windel’s robust operational capabilities and automation investments will add significant value to TCF’s current production setup and processes.
The cocoa and chocolate market showed unprecedented volatility and this strategic partnership strengthens both companies’ ability to navigate evolving market conditions and increasingly stringent sustainability and regulatory requirements.
TCF will continue to operate independently, while maintaining the added value of a family culture and DNA, on which its solid foundations are built.
The Chocolate Family
Headquartered in Essen, Belgium, The Chocolate Family is a family-owned group of companies, active in the development, manufacturing and commercialisation of premium Belgian chocolates. The group pursues a multi-channel sales strategy, serving international retailers, distributors, the traditional channel (e.g., local bakeries and specialty confectionery shops) and own stores with a broad range of pralines, (filled) figurines and seasonal specialties under private label. A key strength of The Chocolate Family lies in its blend of creativity, quality and various modern production techniques, enabling it to deliver distinctive products that reflect both heritage and innovation. Established via its production facility Ickx, founded in 1972, the company came under the ownership of the Huurman family in 2005, who have since built a platform of five complementary companies, comprising Ickx and Pralibel as production facilities, Dragee and Rosenberg as distribution companies and Art of Chocolate as its network of own chocolate stores in Germany and the Netherlands.
Ellen Huurman – Chief Executive Officer of The Chocolate Family and shareholding family“This partnership represents the natural next step in the journey our family began in 2005. Together with Windel, we accelerate our growth strategy, strengthen our position in the market and create the momentum needed to unlock new opportunities for the future.
We thank Squarefield for their thoughtful guidance, industry expertise, and unwavering commitment, which played a key role in the success of this transaction.”
Windel Group
Headquartered in Osnabrück, Germany and founded in 1900, Windel Group is a family-owned and vertically integrated group of companies, offering premium confectionery, seasonal chocolate and coffee concepts. Through its private label expertise and branded range, it markets an assortment focused on (sweet) gifting, innovation and exclusive packaging. Windel Group is active in the Belgian chocolate market through its subsidiary Kim’s Chocolates, which operates a highly automated production hub and specialises in chocolate tablets marketed under private label, its own Cachet brand, and via co-manufacturing. With more than 800 employees across multiple businesses and commercially active in more than 70 countries and various sales channels (retail, foodservice, online, industry, etc.), Windel Group combines locally-anchored operations with a global reach.