Bain Capital Private Equity, a global private investment firm, has signed a definitive agreement with CapVest to acquire Valeo Foods Group, a leading pan European food business, including brands such as Kettle, Rowse and Jacobs.
Valeo is a producer and innovator of branded and private-label food products. Established in 2010 and headquartered in Dublin, it operates across Europe. Its portfolio of iconic brands, in addition to the above includes Odlums, Barratt, and Balconi, many of which have histories that stretch back as far as 150 years.
As a fast-growing consolidator in the food sector, Valeo has expanded rapidly and grown annual net sales to approximately €1.1 billion for the 12 months through to March 2021, from less than €200 million in 2010. Now the company serves 106 markets globally, produces more than 400,000 tonnes annually across its 24 manufacturing facilities, and employs more than 4,000 people. Seamus Kearney, group CEO of Valeo Foods will continue to lead the business with the existing management team.
Seamus Kearney said: “This transaction is a very positive reflection of the quality of our business and all of our people. It is also 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. Bain Capital’s deep knowledge and heritage in innovation and investment in the food and grocery sectors means this is great news for our business and our people. 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.”
Nigel Walder, a managing director at Bain Capital Private Equity, 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.”
Jason Rodrigues, partner at CapVest, said: “The sale of Valeo Foods represents the culmination of our strategy to build a major international food business through a combination of strategic investment, innovation and complementary acquisitions of businesses and brands in categories with stable demand characteristics, where we have applied our team’s deep experience to drive sustainable growth. It has been a great partnership with an exceptional leadership team led by Seamus Kearney. Together they have created a high-performing and growing leader in ambient foods. We look forward to seeing Valeo Foods continue to flourish under Bain Capital’s ownership.”
The transaction remains subject to approvals by competent regulatory authorities.