Valeo Foods Group has announced that it has acquired Canadian-based Les Industries Bernard & Fils Ltd from Phoenix Partners, a Montreal-based private-equity group.
The recent move will add a further €95 million to Valeo Foods’ revenues and represents the international ambient food group’s first acquisition in North America.
The company noted that it will look to leverage Bernard’s existing global supply chain and major food retailer relationships to accelerate the maple syrup-maker’s international growth.
Commenting on the acquisition, Seamus Kearney, group CEO, Valeo Foods, said, “Bernard is a great business, led by a very experienced and passionate team, and its acquisition further enhances our growing portfolio of family-favourite food brands and products.”
Bernard is one of the world’s leading processors of maple syrup, a natural, healthy sweetener that is non-GMO and gluten-free and contains high concentrations of minerals and antioxidants.
The founders of the company, the Bernard family, have been producing pure maple syrup in Canada since the 1800s.
Based in the Province of Quebec – the heart of the world’s maple syrup-harvesting region – and operating from a modern 85,000-square-foot facility, the company will continue to be led by the fifth generation of the Bernard family.
“We are delighted that the Bernard family will continue to retain very strong involvement in the running of the business,” Kearney added.
According to Valeo Foods, Bernard is an exclusive food partner to many of the world’s leading retailers, and its high-quality, independently accredited products are sold in more than 40 countries around the world, with primary distribution in the USA and Canada.
Speaking on behalf of Bernard, Martin Bernard said, “Our people have unrivalled industry experience and expertise, and – coupled with our expanded processing facilities – we are very well positioned to move to the next exciting growth phase in our long and successful history.”
Since its formation in 2010, Valeo Foods – a portfolio company of Bain Capital – has expanded rapidly to create a major international food business.
Valeo Foods currently owns 82 well-known food brands, of which 13 are category leaders, many with a rich heritage stretching back generations.
The group operates 27 well-invested manufacturing facilities spread across the UK, Ireland and Continental Europe, and its products are consumed in 106 countries around the world.
Valeo Foods highlighted that it was advised by Bain & Co. (commercial), RBC Capital Markets (M&A), PwC (financial/tax) and Baker McKenzie (legal) on the recent acquisition.