Valeo Foods buys Lübecker marzipan owner

Following the deal with the current owners, German private equity firm Novum Capital, Valeo Foods said its annual revenues will increase to approximately €1.2bn ($1.46bn).

Established in Ireland in 2010, Valeo Foods’ acquisition-led growth includes Kettle crisps, Rowse honey and Jacob's biscuits in its portfolio, along with Tangerine Confectionery and Big Bear Confectionery.

Schluckwerder was founded in 1956 and produces the 175-year-old Lübecker marzipan brands Erasmi and Carstens, which have been protected under EU geographic designation status since 1996 - and are produced using higher quality standards than other marzipan-based products, the company claims.

It also produces nougat, chocolate rings, fondant, crocant and praline treats.

Valeo group chief executive Seamus Kearney said Schluckwerder is its first German acquisition and the company expects further growth across Europe in the future.

“Its purchase represents the continued realisation of our strategy of building a major international food business where we see further attractive opportunities for expansion​," he said.

“Valeo Foods will continue to focus on targets in categories with stable demand characteristics where we can apply our team’s deep experience and expertise to drive sustainable growth​.”

The acquisition is subject to regulatory approvals and financial terms have not been disclosed.