Private equity firm CapVest has announced the sale of Valeo Foods, the parent company of brands such as Jacobs, Rowse, Kettle and Balconi, to Bain Capital Private Equity for an undisclosed sum.
Commenting on the sale, Seamus Kearney, Valeo Foods chief executive, said that it was a "very positive reflection of the quality of our business" adding that it reflects the "passion and commitment" shown by CapVest and the group's personnel in developing the business over the past decade.
"We are very excited to work alongside the Bain Capital team as we continue our journey and pursue our ambitious plans for further growth in the future.”
Valeo Foods Origins
Valeo Foods was formed by CapVest in 2010, following the acquisition of Irish ambient foods businesses Batchelors and Origin Foods, and has since grown to incorporate a pan-European portfolio of consumer brands, boasting net sales of €1.1 billion.
The company employs more than 4,000 personnel across Ireland, UK, Italy, the Czech Republic, the Netherlands, and Germany, generating a total output of around 400,000 tonnes of product per year across 24 facilities.
Rumours of a sale first emerged in January of this year.
“Valeo Foods has been developed into a key player in the European food industry by a talented and ambitious team," said Nigel Walder, a managing director at Bain Capital Private Equity.
"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.”
With regard to the transaction, CapVest received advice and services from Goldman Sachs, Willkie Farr & Gallagher, KPMG, EY-Parthenon and PWC, while Bain Capital Private Equity received advice and services from Credit Suisse, Houlihan Lokey, Weil Gotshal & Manges, PWC, OC&C and Alix Partners.
The transaction is subject to approval from regulatory authorities.
© 2021 European Supermarket Magazine. Article by Stephen Wynne-Jones. For more A-Brands news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.