FDBusiness.com

Valeo Foods to Acquire Jacob Fruitfield Food Group

 Breaking News
  • Innovation Driving Dairy Crest Dairy Crest Group has reported a 2% rise in revenue to £224.9 million and a 13% increase in adjusted profit before tax to £22.7 million for the first six months ended 30 September 2018 as its two largest brands, Cathedral City and Clover, delivered strong growth of 7% and 9% respectively and demand for the [...]...
  • Diageo Sells Portfolio of Brands to Sazerac Diageo has agreed the sale of nineteen brands to Sazerac, the US-based alcoholic beverages company, for an aggregate consideration of $550 million. The net proceeds of approximately £340 million, after tax and transaction costs, will be returned to shareholders through a share repurchase following completion, which will be incremental to the previously announced programme of [...]...
  • GEA Builds Dairygold’s Next Milk Powder Plant in Ireland In July of this year, GEA received the order for Dairygold’s next milk powder plant in Ireland at Mallow, County Cork. The scope includes one new spray drier (GEA’s Multi-Stage Dryer – MSD® size 1000), one new evaporator to match (type 3 MVR), one new 12MT/hr x 25kg GEA powder packing LI Line (Limited Intervention) [...]...
  • Strongbow Blossom Rosé Sparkling Apple Cider Launched With Identity and Packaging Design by Denomination Leading drinks design agency Denomination has designed a new product, Strongbow Blossom Rosé Sparkling Apple Cider, for Carlton & United Breweries (CUB, part of the AB InBev family), aiming to bring growth and inject excitement back into the cider category. Denomination developed an elegant and Insta-worthy design to appeal to the repertoire of drinkers who usually enjoy white [...]...
  • Parmalat Acquires Canadian Natural Cheese Division of Kraft Heinz For €1.1 Billion Parmalat, the Italian dairy group, is acquiring Kraft Heinz Canada’s division that produces and markets Kraft’s natural cheese products, mainly under the Cracker Barrel, P’tit Quebec and aMOOza brands, for C$1.62 billion (€1.1 billion). Net revenue generated by the business being acquired amounted to about C$560 million (€374 million) in 2017. The acquired business includes [...]...

Valeo Foods to Acquire Jacob Fruitfield Food Group

Valeo Foods to Acquire Jacob Fruitfield Food Group
August 08
14:50 2011

Valeo Foods has reached agreement to acquire rival Irish foods business Jacob Fruitfield Food Group for an undisclosed consideration. The deal is subject to regulatory approval.

 

Valeo was formed in 2010 and comprises a growing portfolio of leading Irish consumer brands which it supplies to Irish and international retail customers. The Valeo portfolio currently includes the Batchelors, Odlums, Shamrock, Sqeez, Roma,Erin, Amigo, Lustre and Picnic brands.

 

Jacob Fruitfield brings together Fruitfield Foods, which was acquired from Nestle in 2002, and Irish Biscuits, which was purchased from Groupe Danone in 2004. The company’s brands comprise a number ofIreland’s best known consumer food products including Jacob’s biscuits (Fig Rolls,Kimberley, Mikado and Coconut Creams), Chef sauces, Fruitfield jams and marmalades and Silvermints and Scots Clan sweets and confectionery.

 

The combined business of Valeo and Jacob Fruitfield will have an annual turnover of approximately Eur300 million and a combined workforce of nearly 500. Jacob Fruitfield generated an operating profit of Eur9.8 million in its most recent financial year to 31st December 2010.

 

The deal is consistent with Valeo’s strategy to grow its business in the Irish food sector where international competition, domestic manufacturing costs and pressure to meet retailers’ and consumers’ requirements in terms of price and value is an ongoing and significant challenge.

 

Valeo is controlled by CapVest, theLondonbased European mid-market private equity firm. The acquisition of Jacob Fruitfield will be financed by a combination of cash, vendor loan note and new equity. Apart from CapVest, significant shareholders in the enlarged Valeo include Origin Enterprises, the leading Irish based agri-services group and one of the original investors in Valeo, and Jacob Fruitfield selling shareholders who are reinvesting in the enlarged business. Origin Enterprises will subscribe Eur7.9 million for additional equity in Valeo and will have a 32% shareholding in the enlarged entity.

About Author

colin

colin

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • November 21, 2018expoSE European Asparagus and Strawberry Fair
  • November 27, 2018Health Ingredients Europe
  • November 28, 2018FOOD & LIFE
  • December 3, 2018P&P 2018
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber





Subscribe Here



Advertisements