Valeo Foods Group has agreed to acquire NWFE (New World Foods Europe), the leading producer of meat snacks in the UK from the Australian based FMCG entrepreneur Tony Quinn.
The owner of brand Kettle crisps and Jacob’s biscuits, a portfolio company of CapVest Partners LLP, was recently acquired by Bain Capital Private Equity and the transaction is due to close in the coming weeks.
Since its formation in 2010, Valeo Foods has expanded rapidly and NWFE marks its 19th acquisition, creating a major international food business across the UK, Ireland and Continental Europe, generating annual revenues of over €1.2 billion.
The group’s diversified products, which are sold in over 106 countries around the world, include numerous heritage brand leaders in key growth categories like snacking & sweet treats, confectionery, health & wellness, baking & meal ingredients and food service. The UK is Valeo Foods’ biggest market, accounting for just over half of current revenues.
NWFE has grown impressively since 2018 when it acquired The Meatsnacks Group, co-founded by James Newitt, managing director.
Newitt was an early pioneer for Jerky and Biltong in the UK and will continue to lead a strong leadership team.
Newitt, commented, “We identified Valeo Foods as the perfect strategic fit to leverage further distribution opportunities in all channels, particularly International and Convenience as well as benefit from a more holistic and localised ownership”.
“The team are excited, with the support of Ashley Hicks and the wider Valeo team, to accelerate our growth strategy which includes some exciting NPD," he said.
The portfolio of brands includes Kings, Wild West, Speyside and Cruga with an impressive assortment of premium private label. Its success has been underpinned by a strong culture of new product innovation and multi-site manufacturing optimisation.
Employing 120 people at its main operations in York and Forres, NWFE will become part of the Valeo Foods Snacking Division headed by Ashley Hicks, which includes Kettle Foods, Tangerine Confectionary, Big Bear and Its All Good.
Commenting on the transaction, Seamus Kearney, Group CEO, Valeo Foods, said, “NWFE is a great addition to our expansive portfolio of leading food brands and is consistent with our ambitious growth strategy."
"The acquisition of NWFE adds a new and very strong dimension to our snacking business and we are very excited about the growth potential of NWFE’s portfolio of on-trend protein snacks and the opportunity to further develop the meat snacks category,” he added.
NWFE will report to Ashley Hicks, who is leading the continued growth of Valeo Foods’ Snacking Division, the company added.