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Valeo Foods sale agreed by owner CapVest The sale of Valeo Foods – owner of brands including Kettle and Rowse – to Bain Capital Private Equity has been agreed by current owner CapVest for an undisclosed sum.
Rumours surrounding the potential sale of Valeo began to circulate in March this year. That was after it was reported that former Premier Foods chief executive Gavin Darby was working with private equity firm Cinven on an offer for the Dublin-based company.
Seamus Kearney, group chief executive of Valeo Foods, will continue to the lead the business with the existing management team under the terms of the announced deal.
By Edward Devlin2021-04-28T06:56:00+01:00
Top story
Sainsbury’s has plunged into the red after £485m of Covid-related costs and more than £600m of restructuring charges for its Argos transformation programme more than offset a surge in revenues over the past year.
Underlying pre-tax profits at the group slumped 39% to £356m in the year ended 6 March 2021, despite a 7.3% jump in retail sales to £28.8bn. Total group revenues were 0.3% down on the prior year at £32.3bn as fuel sales tanked by 39%, with customers filling up less during lockdown.
Like its rivals in the sector, Sainsbury’s has ploughed huge sums into making its stores safe for customers during the coronavirus pandemic, as well as recruiting thousands more staff, paying out thank-you payments to employees and investing in scaling its online offering. It also followed Tesco in paying back hundreds of millions of pounds in business rates relief.
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23rd April 2021
THG (The Hut Group), the Manchester-based firm best known for its online beauty and technology activities, has agreed to acquire nutritional snack bar maker Brighter Foods from Real Good Food in a £43m deal.
The company stated that the acquisition will bring Brighter’s product “know-how and innovative resource” in-house after it had already helped reformulate the majority of THG Nutrition’s snack bar range.
As well as cost synergies of around £3m, the deal is also expected to help THG Nutrition to reduce lead times for new product launches while ensuring product IP remains exclusive.
In the year to March 2021, Brighter generated adjusted EBITDA of £3.7m on revenues of £19.8m. It makes millions of bars a year at its factory in Tywyn, Wales, for brand partners around the world in the slimming, sport, confectionery, organic, and free-from categories. It also makes its own ‘Wild Trail’ brand of bars which are sold by Ocado.