Lexi Webster
Darrell Lea is an Australian company that manufactures and distributes chocolate, liquorice, and other confectionery. It was founded by Harry Lea, who migrated to Western Australia in 1888 and started making confectionery in 1917. The company was owned and operated by the Lea family for 85 years until it went into voluntary administration in 2012. It was then acquired by Christina and Tony Quinn, who restructured the business and sold it to Quadrant Private Equity in 2018. Quadrant is currently planning to sell Darrell Lea for around AUD $1 billion.
| Characteristics | Values |
|---|---|
| Founded | 1927 |
| Founder | Harry Lea |
| Named After | Harry's son, Darrell Lea |
| Headquarters | Sydney suburb of Ingleburn |
| Ownership | Owned by the Lea family for 85 years until 2012 |
| Current Owner | Quadrant Private Equity |
| Acquired by Quadrant | 2018 |
| Acquired from | Christina and Tony Quinn |
| Purchase Price | AUD $200 million |
| Current Value | AUD $1 billion |
| Products | Chocolate, liquorice, confectionery |
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What You'll Learn
- Darrell Lea was founded by Harry Lea in 1927
- The company was passed down through the Lea family for 85 years
- In 2012, Darrell Lea went into voluntary administration and was sold to Christina and Tony Quinn
- The Quinns restructured the business, leading to job losses and a focus on more profitable products
- Darrell Lea is currently owned by Quadrant Private Equity and is reportedly up for sale
Darrell Lea was founded by Harry Lea in 1927
During the Great Depression in 1929, a shop became vacant in Pitt Street, allowing the business to expand. In 1935, a factory was established at 1 York Street. Over the next decade, Harry and Esther opened 11 more stores in Sydney and expanded to Melbourne with their sons, Monty and Harris.
After Harry's death, his descendants continued to grow the business, turning it into a household name across Australia. At its peak, Darrell Lea had numerous stores across the country, employed hundreds of staff, and exported confectionery internationally. The company remained under the ownership of the Lea family for 85 years until the early 2010s, when it faced financial difficulties and was sold to a private equity firm.
Today, Darrell Lea is once again under Australian ownership and continues to be a beloved tradition for many Australians, known for its iconic liquorice and rocky road confectionery. The company has recently reignited Australians' love for its classic treats and is planning to expand both domestically and internationally.
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The company was passed down through the Lea family for 85 years
Darrell Lea is an Australian company that manufactures and distributes chocolate, liquorice, and other confectionery. It was founded in 1927 by Harry Lea, who migrated from London to Western Australia in 1888 and started making confectionery in 1917 at the back of his Manly Corso fruit shop. The company remained under the ownership and control of the Lea family for 85 years.
Harry and his wife, Esther, moved to Sydney and opened a fruit and vegetable shop on the Corso in Manly, where Harry began making toffees and hard candies. They soon abandoned fruit to focus on confectionery, opening a milk bar and confectionery store called the 'King of Sweets'.
In 1927, they opened their first shop in New South Wales in Sydney's Haymarket, which was a combined milk bar and confectionery shop. During the Great Depression in 1929, they opened another shop in Pitt Street, and in 1935, they established a factory at 1 York Street. In less than 10 years, they opened 11 more stores in Sydney and began expanding into Melbourne, with Harry's sons, Monty and Harris.
When Harry died, he left the growing chocolate business to his descendants. However, when Monty's son, Jason Lea Senior, entered the business in 1962, he began laying off family members he considered unqualified or unsuitable, including his own son, Jason Lea Junior, and his brother, Lael Lea.
Jason Lea Junior was the fourth and last generation of Leas involved in the business. He recalled living on-site at the factory as a child and working in the packing room with his sister at the age of ten, packing chocolates into boxes.
In 2012, after 85 years of ownership by the Lea family, Darrell Lea went into voluntary administration due to financial concerns and was acquired by Christina and Tony Quinn, who restructured the business, leading to significant job losses. The company was then sold to Quadrant Private Equity, which is currently planning to put it up for sale.
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In 2012, Darrell Lea went into voluntary administration and was sold to Christina and Tony Quinn
Darrell Lea is an Australian company that manufactures and distributes chocolate, liquorice, and other confectionery. It was founded by Harry Lea, who migrated to Western Australia in 1888 and started making confectionery in 1917 at the back of his Manly Corso fruit shop. In 1927, he opened the first shop in New South Wales, a combined milk bar and confectionery shop in Sydney's Haymarket.
In 2012, after 85 years under the ownership and control of the Lea family, Darrell Lea went into voluntary administration, leading to its acquisition, sale, and restructuring under new ownership. At the time, half of Darrell Lea's company-run stores were closed, resulting in a loss of nearly 200 jobs. The business was acquired by Christina and Tony Quinn, who also owned VIP Petfoods at the time.
The Quinns restructured the business, which resulted in further job losses, with only 83 employees remaining. They eliminated or put on hold many of the lesser-known products to focus on expanding the sales and distribution of the more profitable ones. It is believed that the Quinns invested AUD $30 million into turning the business around, and the company saw increased profits.
In 2018, the Quinns sold 80-90% of the business to Quadrant Private Equity for approximately AUD $200 million, retaining a minority "low-double-digit" stake. Quadrant has plans to expand Darrell Lea both in Australia and overseas. In 2024, it was reported that Quadrant was looking to sell the company for around AUD $1 billion.
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The Quinns restructured the business, leading to job losses and a focus on more profitable products
Darrell Lea, an Australian company that manufactures and distributes chocolate, liquorice, and other confectionery, was founded by Harry Lea in 1917. Harry and his wife, Esther, moved to Sydney and started making confectionery in the back of their Manly Corso fruit shop. In 1927, they opened their first shop in New South Wales, a combined milk bar and confectionery shop. Over the years, the business expanded, and by 2012, Darrell Lea had over 800 products and employed hundreds of staff across Australia.
However, in 2012, Darrell Lea went into voluntary administration due to financial concerns, marking the end of 85 years of ownership by the Lea family. The company was then acquired by Christina and Tony Quinn, who also owned VIP Petfoods. The Quinns restructured the business, leading to significant job losses. Half of Darrell Lea's company-run stores were closed, resulting in nearly 200 job losses. The Quinns also decided to sell Darrell Lea confectionery through licensed retailers, discontinuing the iconic dazzling shop windows that the brand was known for.
In addition to the job losses, the Quinn family also reviewed and streamlined the product range. Many lesser-known products were eliminated or put on hold to focus on expanding the sales and distribution of more profitable items. This included iconic products such as Rocklea Road, Australia's most famous version of Rocky Road chocolate.
The restructuring and job losses under the Quinn family's ownership were part of an effort to turn around the struggling business. It is believed that the Quinns invested AUD $30 million into Darrell Lea, and the company has since seen increased profits. However, the story of Darrell Lea also serves as an example of how mixing business and family can have its challenges and negative consequences.
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Darrell Lea is currently owned by Quadrant Private Equity and is reportedly up for sale
Darrell Lea is an Australian company that manufactures and distributes chocolate, liquorice, and other confectionery. It was founded by Harry Lea, who migrated to Western Australia in 1888 and started making confectionery in 1917. The first shop was opened in 1927 in Sydney's Haymarket.
After 85 years under the ownership of the Lea family, Darrell Lea went into voluntary administration in 2012, leading to its acquisition and sale to Christina and Tony Quinn, who restructured the business. The Quinns then sold the company to Quadrant Private Equity for approximately AUD $200 million.
Quadrant Private Equity is reportedly planning to put Darrell Lea up for sale in the second half of 2024, with sources suggesting the company could be looking to fetch up to AUD $1 billion. The investor is based in Sydney, where Darrell Lea is also headquartered, and plans to expand the confectionery company both in Australia and overseas.
Darrell Lea has a long history in Australia, with its products becoming a tradition for many Australians. The company has faced challenges, including a legal battle with Cadbury over its use of the colour purple on its packaging, but has also seen success, such as its partnership with Streets to release a line of Darrell Lea-inspired ice cream.
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Frequently asked questions
Darrell Lea was founded in Australia and was Australian-owned for 85 years, until 2012 when it was acquired by Christina and Tony Quinn, who own VIP Petfoods.
Darrell Lea was founded by Harry Lea, who migrated to Western Australia in 1888 and started making confectionery in 1917. He opened the first shop in New South Wales in 1927.
In 2018, the Quinns sold a majority share in Darrell Lea to Quadrant Private Equity for around A$200 million.
