Bain Capital Private Equity, a leading global private investment firm, announced that it has signed a definitive agreement with CapVest to acquire Valeo Foods Group (“Valeo”), a leading pan European food business.
Valeo is a leading producer and innovator of high quality, category-defining branded and private-label food products. Established in 2010 and headquartered in Dublin, today it operates across Europe. Valeo’s portfolio of iconic brands includes Jacobs, Rowse, Kettle, Odlums, Barratt, and Balconi, many of which have histories that stretch back as far as 150 years.
As a fast-growing consolidator in the food sector, Valeo has expanded rapidly and grown annual net sales to approximately €1.1 billion for the 12 months through to March 2021, from less than €200 million in 2010. Today 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.
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.”
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.”
Jason Rodrigues, Partner at CapVest, said: “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. 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.”
Bain Capital Private Equity received financial advice from Credit Suisse and Houlihan Lokey, legal advice from Weil Gotshal & Manges, financial due diligence, tax and structuring services from PWC, commercial and strategy due diligence services from OC&C, and operations and IT due diligence services from Alix Partners.
CapVest and Valeo Foods management received financial advice from Goldman Sachs, legal advice from Willkie Farr & Gallagher, financial due diligence services from KPMG, commercial due diligence services from EY-Parthenon, and tax due diligence and structuring services from PWC.
The transaction remains subject to approvals by competent regulatory authorities.
