Valeo Foods Agrees To Acquire Campbell's Kettle Foods For €73M
Valeo Foods Group has announced that it has agreed terms to acquire Campbell Soup Company’s European Crisps Business, which includes Kettle Foods Limited and sister company Yellow Chips BV, for a total consideration of in the region of €73 million.
It was first reported that Valeo Foods was in talks with Campbell Soup Company to buy its UK and Irish businesses, on the 14 August, earlier this year.
Headquartered in Ballymount in Dublin 12, the group said that the transaction is subject to customary closing conditions including relevant regulatory approvals and consultation with employee representative bodies.
The proposed acquisition could boost Valeo Foods’ annual sales to nearly €1 billion, the company highlighted in a statement.
On completion, Kettle Foods’ brands will join Valeo Foods’ 'fast-growing' international portfolio of consumer brands including Rowse Honey, Barratt, Jacob’s, Fox’s Glacier Mints and Balconi.
Kettle Foods manufactures and distributes hand cooked potato crisps and vegetable crisps under the Kettle and Go Pure brands, as well as Metcalfe’s Skinny Popcorn, which are sold across the UK, Europe and the Middle East.
“The global snacking segment continues to grow and the proposed acquisition of Kettle Foods provides a great opportunity to further strengthen our expanding portfolio of international brands," Seamus Kearney, CEO, Valeo Foods, said.
"This acquisition is consistent with our long-term goal of building a dynamic international portfolio of attractive, resilient and popular food brands that consumers love to enjoy.”
In the statement, the group stated that Campbell Soup Company has retained ownership of the Kettle brand and its operation in the US and all other geographies except for Europe and the Middle East.
Valeo Foods, established in 2010 as a portfolio company of CapVest Partners LLP, currently has 68 international brands in its portfolio.
The ambient food group has successfully completed 12 acquisitions over the past nine years, before the proposed acquisition of Kettle Foods.
© 2018 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition.