Valeo Foods, the owner of Rowse honey, Jacob’s biscuits and Batchelors beans, has announced its entry into the Italian market, with the purchase of Balconi, a biscuits and cakes producer located northwest of Milan.
The value of the deal is estimated at somewhere between €200 million and €250 million.
Balconi-Industria Dolciaria is 80% owned by an Italian private equity firm, Clessidra, and 20% by the Balconi family, which founded the company more than 60 years ago.
In a statement, Manuel Catalano, a partner with Clessidra, said that the deal enabled Balconi to “transform into a business geared towards international markets. […] With the entry of Valeo, Balconi can begin a new chapter in its growth, benefiting from distribution synergies, particularly in Northern Europe.”
The Balconi brand has grown its revenue by approximately 50% over the past three years. It is present in Italy, France, Germany, the UK and the US.
Seamus Kearney, group chief executive at Valeo Foods, said that the company was looking forward to working with the Balconi management team “to build the foundations to continue to grow the business.”
© 2015 - Checkout Magazine by Stephen Wynne-Jones