Kettle owner Valeo Foods has snapped up tortilla chips maker It’s All Good.
The deal, for an undisclosed sum, will see IAG – which employs 265 people at its HQ in Gateshead and produces the Manomasa tortilla chip brand as well as substantial own-label lines – join Valeo’s snacking division alongside Kettle.
IAG had “grown impressively since it was founded in 2012 by Calum Ryder, current MD, expanding its significant private-label and branded product range beyond its flagship tortilla snacks to include rice cakes, popped chips and flat breads”, said Valeo.
The supplier appointed advisors to secure a sale earlier in December, with a city source telling The Grocer at the time it was “run brilliantly and well invested, making the best product in the market” and had significant potential to scale up under a new owner.
Updated / Tuesday, 22 Dec 2020
16:39
The Group s products are sold in over 106 countries around the world.
The Irish-based Valeo Foods - which owns brands such as Jacob s, Batchelors, and Kelkin, has acquired IAG (It s All Good), a producer of tortilla snacks in the UK.
IAG has an annual turnover of approximately £37 million.
Since its formation in 2010, Valeo Foods, a portfolio company of CapVest Partners LLP, has expanded rapidly.
IAG marks its 17th acquisition, creating a major international food business across the UK, Ireland and Continental Europe, generating annual revenues of over €1 billion.
The Group’s products are sold in over 106 countries around the world, with the UK Valeo Foods’ biggest market, accounting for just over half of current revenues.