Owner of Jacob’s and Odlums buys confectionery division of Raisio
Valeo Foods Group has agreed to buy the confectionery division of Raisio for total enterprise value of €100m.
Valeo, which has operations in Ireland, is the owner of a number of famous food brands including Jacob’s and home baking brand Odlums.
The acquired businesses have combined annualised sales of approximately €100m and employ over 1,000 people.
In addition to the consumer brands, the acquired businesses have a growing private label and between them they own a portfolio of established confectionery brands that include well-known sweets and treats such as Fox’s Glacier Mints, XXX Mints, Poppets, and Pedro.
Following the acquisition Valeo will have annual sales of approximately €800m.
"The acquisition of these food businesses is consistent with Valeo Foods’ strategic focus and we are very excited about the opportunities for growth. We look forward to working with our new colleagues as we pursue our ambitious plans for our high performing and expanding international portfolio of favourite food brands," Seamus Kearney, CEO of Valeo Foods, said
This transaction represents the ninth acquisition of a leading food business since Valeo Foods was established in 2010.