Agri-services firm Origin Enterprises has sold its 32% interest in Valeo Foods, the producer of Odlums and Jacobs, to CapVest Partners.
The value of the transaction is €86.6 million, 'comprising €42.5 million in respect of the disposal of the group’s 32% shareholding and €44.1 million in full settlement of a vendor loan note', the company said.
Origin Enterprises and CapVest came together to create Valeo Foods in 2010. Origin said that the sale will be used to ‘reduce debt’ and to allow for greater investment.
Commenting on the announcement, Origin Chief Executive Officer, Tom O’Mahony said, “The Transaction furthers the Group’s capital reallocation objectives while tightening Origin’s strategic focus as we prioritise the further development of Agri-Services.
“Valeo’s proven track record and execution capability will support further category leading innovation and the extension of current sector positions.”
© 2015 - Checkout Magazine by Stephen Wynne-Jones