U.S.-based private investment firm Bain Capital Private Equity has signed an agreement with CapVest to acquire Ireland’s Valeo Foods Group

Headquartered in Dublin, Valeo Foods operates across Europe. Its portfolio of brands includes Jacobs, Fox’s Glaciers, Rowse, Kettle, Odlums, Barratt, and Balconi, many of which have histories that stretch back as far as 150 years.

Valeo has expanded rapidly and grown annual net sales to €1.1 billion ($1.3 billion) for the 12 months through to March 2021, from less than €200 million ($242 million) in 2010. 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. 

“This transaction is a very positive reflection of the quality of our business and all of our people,” Kearney said. “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.”  

CapVest created Valeo Foods in 2010 to acquire two Irish companies: Batchelors and Origin Foods. The company has made more than a dozen acquisitions over the last decade, including Jacob Fruitfield Food Group in 2011; Rowse Honey in 2014; the food and beverage division of DCC and Balconi in 2015; Val D’Enza, Big Bear, Candy Plus and Nimbus in 2017; Oatfield and Tangerine Confectionery in 2018; Kettle Foods and Matthew Walker in 2019; IAG in 2020; and Schluckwerder Holding GmbH in 2021.

“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,” said Jason Rodrigues, partner at CapVest. “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.”

Terms of the transaction, which remains subject to approvals by regulatory authorities, have not been disclosed.

“Valeo Foods has been developed into a key player in the European food industry by a talented and ambitious team,” said Nigel Walder, managing director at Bain Capital Private Equity. :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.”