Valeo Foods, the owner of Rowse honey, Kettle crisps and Jacob’s biscuits, has announced the acquisition of Canada-based Les Industries Bernard & Fils Ltd, one of the world's largest maple syrup processors.
Ireland-based Valeo Foods acquired the family-run business from Phoenix Partners, a Montreal-based private equity group.
The deal expands Valeo Foods' presence in the maple syrup category, where it already has a presence with the Buckwud brand, and is the group's first acquisition in North America.
The transaction will add a further €95 million to Valeo Foods' revenues, it said in a statement.
“Bernard is a great business, led by a very experienced and passionate team and its acquisition further enhances our growing portfolio of family-favourite food brands and products," commented Seamus Kearney, group chief executive, Valeo Foods.
"We are delighted that the Bernard family will continue to retain very strong involvement in the running of the business. Valeo Foods is on a journey to becoming a leading global food business and we remain focussed on growing our operations organically and through further acquisitions.”
The Bernard family has been producing maple syrup in Canada since the 19th century, and currently operates from a 85,000 square foot facility in Quebec. The company's products are sold in more than 40 countries around the world, with primary distribution in the US and Canada.
'Accelerate International Growth'
Valeo Foods, which is a portfolio company of Bain Capital, said that it will look to leverage Bernard's 'existing global supply chain and major food retailer relationships to accelerate [its] international growth'.
“We are delighted to be joining Valeo Foods and we look forward to partnering with our new owners who share our passion for food," Bernard & Fils' Martin Bernard said.
"Our people have unrivalled industry experience and expertise and coupled with our expanded processing facilities, we are very well positioned to move to the next exciting growth phase in our long and successful history. Today’s announcement is good news for our employees, farmer-growers, customers, consumers and the local communities in which we are based.”