Valeo Foods Group acquires leading UK tortilla chips producer
22 December 2020
Valeo Foods Group, the owner of Rowse honey, Kettle crisps and Jacob’s biscuits, has acquired IAG (It’s All Good), the leading producer of premium tortilla snacks in the UK, including the award-winning Manomasa range of premium chips.
Since its formation in 2010, Valeo Foods, a portfolio company of CapVest Partners LLP, has expanded rapidly and IAG marks its 17th acquisition, creating a major international food business across the UK, Ireland and Continental Europe, generating annual revenues of over €1 billion.
IAG has grown impressively since it was founded in 2012 by Calum Ryder, current managing director, expanding its significant private label and branded product range beyond its flagship tortilla snacks to include rice cakes, popped chips and flat breads.
Employing 265 people at its main operations in Gateshead in the North East of England, IAG will become part of Valeo Foods’ Snacking Division, which includes Kettle Foods, Tangerine Confectionary and Big Bear.
“The acquisition of IAG is consistent with our ambition of creating a global food business with an exceptional portfolio of leading food brands and products in attractive categories,” said Seamus Kearney, group CEO, Valeo Foods.
“We want to remain at the forefront of consolidation in the ambient food sector in Europe and we will continue to seek out further exciting opportunities for growth,” Kearney added.
Meanwhile Calum Ryder described Valeo as “a great partner for our business”.
“They understand the value of brands and have developed a formidable international growth platform that will significantly increase the future opportunities for our brands and our people,” Ryder said.
IAG will report to Ashley Hicks, who is leading the continued growth of Valeo Foods’ Snacking Division.
The acquisition of IAG follows that of Kettle Foods and Mathew Walker, the leading producer of seasonal puddings and desserts, in 2019.
In the same period, Valeo Foods sold Nimbus Foods, a non-core business that manufactured inclusions, decorations and toppings for the food industry. Valeo Foods completed the acquisition of Tangerine Confectionery in 2018, while Big Bear joined the Group in 2017.