Jacob Fruitfield brings together Fruitfield Foods, which was acquired from Nestlé in 2002, and Irish Biscuits, which was purchased from Groupe Danone in 2004. The combined business of Valeo and Jacob Fruitfield will have an annual turnover of approximately €300m and a combined workforce of nearly 500.
The deal is consistent with Valeo’s strategy to grow its business in the Irish food sector where international competition, domestic manufacturing costs and pressure to meet retailers’ and consumers’ requirements in terms of price and value is an ongoing and significant challenge.
Valeo is controlled by CapVest, the London-based European private equity firm led by Seamus Fitzpatrick. Fitzpatrick, co-founder of CapVest, will continue as chairman of Valeo. David Andrews and Michael Carey will join the board of Valeo as non-executive directors. Seamus Kearney, the current CEO of Jacob Fruitfield, will become the Group CEO of Valeo at completion.
Source: Valeo Foods Group
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