Some of Ireland’s best-known biscuit brands have been acquired by private equity-backed Valeo Foods after it agreed a deal to buy Jacob Fruitfield.
Products such as Fig Rolls, Coconut Creams, Jacob’s Crac-kers and Tuc are included in the deal, taking Valeo’s annual turn-over to around £300m.
Valeo was formed in 2010 and has a portfolio of consumer brands, including baked bean brand Batchelors, Shamrock home-baking ingredients and Sqeez fruit juices. Seamus Kearney, the current CEO of Jacob Fruitfield, will become the group CEO of Valeo on completion of the deal.
Valeo is controlled by CapVest, the London based European mid-market private equity firm led by Seamus Fitzpatrick, who is also chairman of Valeo. He said: "Our acquisition of Jacob Fruitfield is a significant step in what is likely to be an ongoing process of further consolidation in the Irish food sector."