Valeo Foods Group agrees €100 million acquisition of Raisio Plc’s confectionery division
Iconic Fox’s Glacier Mints to join Balconi, Rowse and Jacob’s in Valeo Foods’ growing international portfolio of category-leading consumer brands
Print22 December 2017
International food group, Valeo Foods has agreed to acquire the confectionery division of Raisio plc, the Finnish-based listed food company, for a total enterprise value of €100 million. The deal is expected to close by year end.
The acquired businesses, which have combined annualised sales of approximately €100 million and employ over 1,000 people, include the UK-based Big Bear Confectionery company and Nimbus Foods, along with Czech Republic-based, Candy Plus. Between them, these companies own a portfolio of established and growing confectionery brands that include Fox’s Glacier Mints, XXX Mints, Poppets, and Pedro.
With operations in Ireland, the UK and Continental Europe, and sales to over 80 countries, Valeo Foods is a market leader in snacking and sweet treats, health and wellness, baking and meal ingredients, beverages and foodservice, and following this transaction will have annual sales of approximately €800 million.
Currently, the group owns a portfolio of category leading brands, many of them iconic household names in their markets, including Balconi (Italy), Rowse (UK), and Jacob’s, Batchelors and Odlums (Ireland). In fact, 16 of the Valeo Foods’ brands are ranked number one in their category. This transaction represents the ninth acquisition of a leading food business since Valeo Foods was established in 2010.
“The acquisition of these food businesses is consistent with Valeo Foods’ strategic focus and we are very excited about the opportunities for growth,” said Seamus Kearney, CEO, Valeo Foods.
“We are committed to expanding Valeo Foods,” he added, “through further organic growth and strategic acquisitions as we continue to build our footprint and presence in Europe and across the rest of the world.”
In addition to the consumer brands, the acquired businesses have significant and growing private label, contract manufacturing and food ingredient operations. These service an established customer base across most European markets, Asia, Australasia and North America that includes many leading global food manufacturers and grocery retailers.
The acquired businesses operate six production facilities between the UK and the Czech Republic, adding to Valeo Foods’ existing seven food manufacturing facilities across Ireland, the UK and mainland Europe which currently produce over six million units a year. Over 70% of Valeo Foods production is in-house and this will increase further following this transaction.
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