Valeo Foods under new ownership
Kettle Crisps and Jacobs biscuits owner Valeo Foods Group has been acquired by US private-equity firm Bain Capital for an undisclosed sum.
Bain, has bought the Ireland-based business, which also counts Rowse honey and Balconi cakes among its brands, from fellow investment firm CapVest.
Seamus Kearney, the group CEO of Valeo, will continue to lead the business with the existing management team under the new owners.
He said: This transaction is a very positive reflection of the quality of our business and all of our people. It is also testament to the passion and commitment CapVest, our management team and all of our colleagues have shown in continuously delivering best-in-class food products to our customers and consumers across our 106 markets. Bain Capital s deep knowledge and heritage in innovation and investment in the food and grocery sectors means this is great news for our business and our people.
Global private investment firm Bain Capital has announced its acquisition of Valeo Foods Group from CapVest.
Established in 2010 and headquartered in Dublin, Valeo Foods operates across Europe, with its portfolio of brands including Jacobs, Odlums and Batchelors.
Valeo has grown its annual net sales to approximately €1.1 billion for the 12 months through to March 2021, from less than €200 million in 2010.
The company serves 106 markets globally, produces more than 400,000t annually across its 24 manufacturing facilities and employs more than 4,000 people.
Valeo Foods a ‘key player’ in food industry
Seamus Kearney, group CEO of Valeo Foods will continue to lead the business with the existing management team. He said that the transaction is “a very positive reflection of the quality of our business and all of our people”.
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.
Innova Flavors acquired by Carbery Group Ingredients and flavours supplier Innova Flavors has been acquired by Carbery Group from Griffith Foods Worldwide for an undisclosed sum.
Innova will join Carbery’s international flavours business, Synergy, building on its existing portfolio of sweet flavours, extracts and essences.
The acquisition is the latest development in Carbery’s expansion – the company opened an expanded cheese facility towards the end of 2020 and diversified into producing mozzarella for international markets.
International expansion
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Through a series of acquisitions in the UK, the USA, Europe, South America and Asia, we have successfully built Synergy, our international flavours business,” said TJ Sullivan, chairman of Carbery Group
Jacobs and Batchelors owner Valeo circled by three private-equity firms PAI Partners, Cinven and Bain Capital are given until end of May to submit final bids
about 6 hours ago
Bidders vying to buy Dublin-based Valeo Foods, the owner of brands from Jacobs biscuits to Batchelors baked beans which is on the market for more than €1.7 billion, have been whittled down to a shortlist of three private-equity firms.
Paris-based PAI Partners, London-headquartered Cinven and Bain Capital, the Boston outfit co-founded by former US presidential candidate Mitt Romney, have been given until the end of May to submit final bids for Valeo, according to sources, confirming a recent report by deals publication Mergermarket.