Valeo Foods Group, which includes British classic confectionery brands Barratt, Fox's, Poppets and XXX Strong Mints in its portfolio, has been sold, subject to approval, to Bain Capital Private Equity.
Established in 2010 and headquartered in Dublin, Ireland, Valeo’s portfolio also includes iconic brands like Jacobs, Rowse, Kettle, Odlums, and Balconi, many of which have histories that stretch back as far as 150 years.
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.
Valeo has expanded rapidly with annual net sales of approximately €1.1bn ($1.34bn) for the 12 months through to March 2021, from less than €200m in 2010. It acquired Tangerine Confectionery in 2018.
Seamus Kearney, Group CEO of Valeo Foods, 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.”
The transaction remains subject to approvals by competent regulatory authorities; financial details have not been disclosed.