Generational Equity Advises Wahl’s Candies in Sale to Fowler’s Chocolates

By Generational Equity


Generational Equity, a leading mergers and acquisitions advisor for privately held businesses, is pleased to announce the sale of its client, Wahl’s Candies, Inc. to Fowler’s Chocolates. The acquisition closed December 2, 2020 and details were not disclosed. 

Headquartered in Cheektowaga, New York and founded in 1938, Wahl’s Candies, Inc. (Wahl’s) is a manufacturer of gourmet chocolate-based confections, non-chocolate treats, and sponge candy.  Wahl’s strives to make the very best products possible, using the purest, finest ingredients available. The Company produces and packages all of its confections in its own production facility and adheres to strict quality control standards and practices throughout the entire process.

Fowler’s Chocolates (Fowler’s), founded in 1910, and headquartered in Buffalo, New York, is the original and authentic sponge candy maker of Buffalo. Fowler’s now distributes fine confections such as sponge candy, almond butter crunch, sea salt caramels, chocolate covered popcorn, assorted truffles, and much more through its six retail locations in Western New York and its online store.

Generational Equity Executive Managing Director, M&A-Technology Practice Leader, David Fergusson, and his team led by Managing Director, M&A, Moses Shmueli, with the support of  Vice President, M&A, Tristan Keefe, successfully closed the deal. Senior Managing Director Brian Hendershot established the initial relationship with Wahl’s.

“The fit between Wahl’s Candies and Fowler’s Chocolates, two neighboring companies that have been providing sponge candy and other confectionaries for decades, was immediately obvious. The combination will enable Fowler’s to benefit from synergies and further solidify its position in the industry, while continuing the legacy of the Wahl’s family and providing it’s owners a transition into the next stage of their lives, knowing their customers and employees will be well-taken care of,” said Shmueli.

About Generational

Headquartered in Dallas, Generational is one of the leading M&A advisory firms in North America.

With more than 350 professionals located throughout 17 offices in North America, the companies help business owners release the wealth of their business by providing growth consulting, merger, acquisition, and wealth management services. Their six-step approach features strategic and tactical growth consulting, exit planning education, business valuation, value enhancement strategies, M&A transactional services, and wealth management.

The M&A Advisor named the company Investment Banking Firm of the Year three years in a row, Valuation Firm of the Year in 2020, and North American Investment Bank of the Year in 2022 as well as Consulting Firm of the Year. For more information, visit