Confectionery & Chocolate Manufacturing Platform
EBITDA
$14,300,000
Gross
$91,500,000
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Global lower-middle market M&A Advisors
Countries in which we've closed transactions
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Global lower-middle market M&A Advisors
Countries in which we've closed transactions
Languages spoken by our Team
Total deals value
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© 2025 MergersCorp M&A International is a global brand operating through a number of professional firms and constituent entities (“Members”) located throughout the world to provide Investment Banking, Corporate Finance, and Advisory Services and other client-related professional services. The Member Firms (“Members”) are constituted and regulated in accordance with relevant local regulatory and legal requirements. For more details on the nature of our affiliation, please visit our Disclaimer: https://mergerscorp.com/disclaimer. MergersCorp M&A International's franchising program is not offered to individuals or entities located in the United States.
The franchising program is offered by MergersUK Limited, a UK Company with its registered office at 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ, United Kingdom.
MergersCorp M&A International provides strategic business advisory services, including preparing companies for growth and capital access. Through partnerships with licensed investment bankers, clients can access tailored capital-raising solutions.
U.S. Investment Banking Securities transactions are exclusively conducted by Spektrum Capital Advisors LLC, a Registered Representative of, and Securities Products offered through, BA Securities, LLC, a FINRA-registered broker-dealer. Check the background of investment professionals associated with this site on Broker Check.
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An established confectionery and chocolate manufacturing platform in Kazakhstan, positioned to serve growing domestic consumption and expanding export demand across Central Asia, Russia, China and other regional markets. The opportunity combines an established manufacturing base with access to locally available agricultural inputs, established distribution channels and potential for capacity expansion and product diversification.
KEY INVESTMENT HIGHLIGHTS
| Established Manufacturing Base | Operating confectionery and chocolate production platform |
| Diversified Product Portfolio | Chocolate products, confectionery, bakery and flour-based products |
| Strategic Location | Kazakhstan provides access to Central Asian, Russian and Chinese markets |
| Domestic Market | Established consumption base with continued production and demand growth |
| Export Potential | Growing exports of confectionery and chocolate products |
| Raw Material Access | Local availability of wheat, sugar and other agricultural inputs |
| Expansion Potential | Opportunity to increase production volumes and broaden the product portfolio |
| Investment Support | Kazakhstan provides various industrial investment incentives, subject to eligibility |
PLATFORM OVERVIEW
The platform operates within Kazakhstan’s confectionery and chocolate manufacturing sector, covering product categories including:
The underlying industry material identifies chocolate products under HS 1806 and bakery/confectionery products under HS 1905.
| HS Code | Product Category | Product Description |
|---|---|---|
| 1806 | Chocolate & Cocoa Products | Cocoa powder with added sugar or other sweeteners |
| 1806 | Chocolate & Cocoa Products | Other prepared products in blocks, slabs or bars, weighing ≤ 2 kg |
| 180631 | Chocolate & Cocoa Products | Chocolate and chocolate products, filled, in blocks, slabs or bars |
| 180632 | Chocolate & Cocoa Products | Chocolate and chocolate products, without filling, in blocks, slabs or bars |
| 180690 | Chocolate & Cocoa Products | Other chocolate products and prepared products containing cocoa, including candy, dragees, pastes, spreads, etc. |
| 1905 | Bakery & Confectionery Products | Crispbread |
| 190520 | Bakery & Confectionery Products | Ginger biscuits |
| 190531 | Bakery & Confectionery Products | Sweet biscuits with cocoa |
| 190532 | Bakery & Confectionery Products | Sweet biscuits other than with cocoa |
| 190540 | Bakery & Confectionery Products | Rusks, toasts and similar products |
| 190590 | Bakery & Confectionery Products | Other bakery and flour confectionery products, including waffles, cakes, pastries, muffins, gingerbread, etc. |
MARKET OPPORTUNITY
Kazakhstan has an established confectionery manufacturing base and access to significant agricultural raw materials, including wheat, sugar and other ingredients used throughout the industry. The broader domestic confectionery market is estimated at approximately US$3–4 billion annually, with bakery and flour products representing approximately 55% and sweets/chocolate approximately 45%.
Production of confectionery and chocolate products has demonstrated growth, while exports have also expanded, supporting the opportunity for further regional market penetration.
REGIONAL EXPORT ACCESS
Kazakhstan’s geographic position provides access to several major consumption markets:
Russia | Uzbekistan | China | Kyrgyzstan | Mongolia
The industry materials also identify growing import demand across Central Asia, the Middle East and Asian markets, creating potential channels for additional export development.
RAW MATERIAL & COST BASE
Kazakhstan provides a meaningful agricultural raw-material base for confectionery manufacturing.
The country has substantial wheat cultivation and sugar-beet production, although the industry remains partly dependent on imported sugar due to domestic processing constraints.
This creates potential for further vertical integration and sourcing optimisation as domestic processing capacity develops.
VALUE-ADDED MANUFACTURING
The industry analysis highlights significant value creation through downstream processing.
Indicative value-added examples include:
Wheat → Flour → Flour Mix → Biscuits
with further value creation through higher-value products such as wafers and chocolate. The source material gives an indicative value of approximately US$7,088/t for chocolate, compared with approximately US$2,189/t for biscuits.
This supports the strategic rationale for expanding into higher-value branded and chocolate categories
| Metric ($M) | Base (Y0) | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
| Total Volume (k MT) | 25.0 | 28.0 | 33.0 | 38.0 | 40.0 | 40.0 |
| — Chocolate Products (HS 1806) | 7.5 | 9.2 | 12.2 | 15.6 | 17.6 | 18.0 |
| — Bakery & Biscuits (HS 1905) | 17.5 | 18.8 | 20.8 | 22.4 | 22.4 | 22.0 |
| Gross Revenue | $91.5 | $106.4 | $132.0 | $159.6 | $173.8 | $180.8 |
| Cost of Goods Sold (COGS) | ($56.7) | ($64.9) | ($79.2) | ($94.2) | ($100.8) | ($103.1) |
| Gross Profit | $34.8 | $41.5 | $52.8 | $65.4 | $73.0 | $77.7 |
| Gross Margin (%) | 38.0% | 39.0% | 40.0% | 41.0% | 42.0% | 43.0% |
| SG&A & Regional Distribution | ($16.5) | ($18.6) | ($22.4) | ($26.3) | ($27.8) | ($28.9) |
| EBITDA | $18.3 | $22.9 | $30.4 | $39.1 | $45.2 | $48.8 |
| EBITDA Margin (%) | 20.0% | 21.5% | 23.0% | 24.5% | 26.0% | 27.0% |
| D&A | ($4.0) | ($5.2) | ($6.8) | ($7.5) | ($7.5) | ($7.5) |
| EBIT | $14.3 | $17.7 | $23.6 | $31.6 | $37.7 | $41.3 |
| Net Interest Expense | ($1.2) | ($1.5) | ($1.3) | ($1.0) | ($0.6) | ($0.3) |
| EBT | $13.1 | $16.2 | $22.3 | $30.6 | $37.1 | $41.0 |
| Income Tax Provision (15%) | ($2.0) | ($2.4) | ($3.3) | ($4.6) | ($5.6) | ($6.2) |
| Net Income | $11.1 | $13.8 | $19.0 | $26.0 | $31.5 | $34.8 |
© 2025 MergersCorp M&A International is a global brand operating through a number of professional firms and constituent entities (“Members”) located throughout the world to provide Investment Banking, Corporate Finance, and Advisory Services and other client-related professional services. The Member Firms (“Members”) are constituted and regulated in accordance with relevant local regulatory and legal requirements. For more details on the nature of our affiliation, please visit our Disclaimer: https://mergerscorp.com/disclaimer. MergersCorp M&A International's franchising program is not offered to individuals or entities located in the United States.
The franchising program is offered by MergersUK Limited, a UK Company with its registered office at 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ, United Kingdom.
MergersCorp M&A International provides strategic business advisory services, including preparing companies for growth and capital access. Through partnerships with licensed investment bankers, clients can access tailored capital-raising solutions.
U.S. Investment Banking Securities transactions are exclusively conducted by Spektrum Capital Advisors LLC, a Registered Representative of, and Securities Products offered through, BA Securities, LLC, a FINRA-registered broker-dealer. Check the background of investment professionals associated with this site on Broker Check.
This website is operated by MergersUS Inc a US Corporation with registered office at




