Scandinavian confectionery firm Cloetta has acquired Dublin-based Aran Candy, owner of the Jelly Bean Factory brand, for €15.5 million in cash.

Aran Candy, which was established by Peter and Richard Cullen in 1998, produces and sells gourmet jelly beans. With a turnover of €12 million, the company exports more than 98 per cent of its production to 55 export markets around the globe.

Cloetta purchased 75 per cent of the shares in the company, and the remaining 25 per cent will be acquired in 2016, based on 2015 result targets. The acquisition will be financed utilising Cloetta’s existing credit facilities.

"The Jelly Bean Factory has shown strong growth over the last years and the acquisition will significantly strengthen Cloetta's position in the UK market. In addition, we intend to roll out the products in our current core markets over time," Cloetta chief executive Bengt Baron said.

Aran Candy is Europe’s leading producer of gourmet jelly beans, producing around 12 million jelly beans daily in 36 different flavours, ranging from passion fruit to piña colada and from liquorice to cinnamon.

The firm employs a staff of 70 at its facility in Blanchardstown, Co Dublin.