Valeo Foods bought by Private Equity Firm

Valeo Foods bought by Private Equity Firm

Valeo Foods, the owner of a host of well-known food brands such as Kettle, Rowse, Jacob’s, Barratt, and Balconi, has been acquired by US private equity giant Bain Capital in a deal thought to be worth more than €1.7bn.

It was revealed at the start of the year that the Irish firm’s owner CapVest had appointed Goldman Sachs to oversee a sale following the food makers strong performance during the pandemic.

Dublin-headquartered Valeo was formed in 2010 when CapVest acquired Batchelors and Origin Foods. It has since made nearly 20 acquisitions, with its product portfolio now spanning snacks, confectionery, baking and meal ingredients, generating revenues of over €1bn.

Seamus Kearney, Valeo’s Chief Executive said: “This transaction is a very positive reflection of the quality of our business and all of our people. It is also a 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.”

Kearney will continue to lead the business with the existing management team. The company employs more than 4,000 staff across sites in Ireland, Britain, Italy, the Czech Republic, the Netherlands, and Germany.

Financial details of the deal have not been publicly disclosed but Valeo was on the market for offers “in excess of €1.7bn”.

Nigel Walder, Managing Director at Bain, said: “Valeo Foods has been developed into a key player in the European food industry by a talented and ambitious team.

“We believe Valeo has further potential to grow significantly, both organically and through acquisitions, and look forward to partnering with Seamus and his team to accelerate that growth trajectory and further consolidate the company’s position as a leading international food business.”

The transaction will be subject to approval by relevant regulatory authorities.