Valeo Foods Group has announced it is to acquire New World Foods Europe, a producer of meat snacks, in a deal that Valeo CEO Seamus Kearney said adds a "new and very strong dimension" to the group's snacking business.
The acquisition of New World Foods Europe, or NFWE, is the company's first since it was recently acquired by Bain Capital Private Equity, and is its 19th since the company's foundation in 2010.
“NWFE is a great addition to our expansive portfolio of leading food brands and is consistent with our ambitious growth strategy," Kearney commented.
"We are very excited about the growth potential of NWFE’s portfolio of on-trend protein snacks and the opportunity to further develop the meat snacks category."
The NWFE portfolio, which operates production sites at York and Scotland in the UK, includes brands such as Kings Elite Snacks, Wild West, Speyside and Cruga, as well as a number of private label brands. It acquired The Meatsnacks Group in 2018, which is a leading producer of jerky and biltong for the UK market.
Following the transaction, NWFE will become part of Ireland-based Valeo Foods Snacking Division, headed by former Kettle Foods boss Ashley Hicks, which includes brands such as Tangerine Confectionary, Big Bear and Its All Good.
“We identified Valeo Foods as the perfect strategic fit to leverage further distribution opportunities in all channels, particularly International and Convenience as well as benefit from a more holistic and localised ownership," NFWE managing director James Newitt commented.
“The team are excited, with the support of Ashley Hicks and the wider Valeo team, to accelerate our growth strategy, which includes some exciting NPD."
On its website, NWFE describes itself as a 'vertically-integrated manufacturer with its branded products sold via all major UK grocers and discounters, convenience stores, forecourts and other independent retailers.
'The business has a growing direct-to-consumer offering via its online brand platforms, and through Amazon, Ocado and other retailers. It also offers premium private-label manufacturing for major UK and International grocers such as Tesco, Lidl, Aldi, REWE and Marks & Spencer.'