Dublin-based Valeo Foods has come to agreement with Campbell Soup Company to acquire its European crisp business which includes Kettle Foods for approximately €73 million.
The acquisition is estimated to add approximately €115 million to Valeo Foods’ current annual sales of over €850 million, resulting in a total revenue of around €965 million.
Kettle Foods is best known for its manufacture and distribution of its hand cooked potato crisps and vegetable crisps under the brands Kettle and Go Pure respectively. Kettle Foods’ portfolio also includes Metcalfe’s Skinny popcorn which it acquired fully in 2016.
Campbell will retain ownership of the Kettle brand and its operation in the US and other geographies, with Valeo taking command of the snack brands sold across the UK, Europe and the Middle East.
Back in December 2017, Campbell’s purchase of Snyder’s-Lane, producer of Kettle Chips for $4.87 billion was the company’s largest deal to-date in its 148-year history.
Meanwhile, Valeo’s recent purchase of Kettle Foods will add to the list of 12 successfully completed acquisitions over the past nine years. It will join Valeo’s portfolio of consumer brands such as Rowse Honey, Barratt, Jacob’s, Fox’s Glacier Mints and Balconi.
Several of these products are a result of previous acquisitions, including UK-based confectionery businesses Tangerine in 2018 and Big Bear in 2019, together with Czech-based Candy Plus. In total, Valeo Foods owns 68 international brands.
Valeo intends to continue the development of Kettle Foods as an expanding international export business by leveraging the Group’s existing supply chain which distributes to approximately 90 countries globally.
CEO of Valeo Foods Seamus Kearney said: “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. 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.”
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