Partnering with Private Equity – The Foley’s Candies Story
Brian Hurl, past owner and Board member, and Andrew Elliott, President & CEO, share the amazing story of Foley’s long-term growth and how the recent partnership with Yellow Point Private Equity has further increased their EBITA and profits, while supporting their business objectives to continue growing in the future.
Foley’s Candies is Western Canada’s largest manufacturer of chocolate and confectionary coatings and since 2006 has had an extraordinary period of growth and learning, with EBITDA over 30% and profits over 20% since 2016.
In 2006 Brian purchased Foleys Candies and together with an exceptional management team built Foleys into the largest chocolate manufacturer in Western Canada. A commitment to quality, customer service and product innovation allowed Foleys to enjoy consistent growth in revenue and profitability. In late 2015, Brian made the decision to sell the business yet currently remains active on the Board.
Prior to Foleys, Brian’s career included banking with a US headquartered commercial bank and in the early ‘80s he made the move to Vancouver where he worked in corporate / commercial banking, fixed income and investment banking over the next 25 years.
In October 2016, Andrew Elliott was hired by Yellow Point Equity Partners as the new President and CEO of Foley’s Candies. Andrew and the Foley’s Candies’ executive team initiated cost management, product rationalization and procurement disciplines that have grown EBITDA over 30% and profits over 20% since 2016. The group also launched a number of team focused initiatives to support career and professional development and culture building.
In December 2018 Foley’s acquired Brockmann’s Chocolate’s, a premium confectioner based in Delta, British Columbia. By living their purpose of “Sharing Happiness by Creating Products in Partnership”, Foley’s and Brockmann’s deliver bespoke indulgence and exceptional service to customers throughout North America.
Before joining Foley’s, Andrew’s career included leading the fruit and nut business unit of Golden Boy Foods and nearly a decade with Coca Cola Bottling Company.