The owner of consumer brands Jacob's and Odlums, Valeo Foods, has bought the confectionery division of a Finnish-based food company for €100 million.
The deal to acquire the division of Raisio is expected to close by the end of the year and will include well-known brands such as Fox’s Glacier Mints and XXX Mints.
Those acquired businesses, including the UK-based Big Bear Confectionery, have combined annualised sales of roughly €100 million. Following this transaction, Valeo Foods will have annual sales of approximately €800 million, it said in a statement Friday.
"The acquisition of these food businesses is consistent with Valeo Foods' strategic focus and we are very excited about the opportunities for growth. We look forward to working with our new colleagues as we pursue our ambitious plans for our high performing and expanding international portfolio of favourite food brands," said Seamus Kearney, the chief executive of Valeo Foods.
Strategic acquisitions
"We are committed to expanding Valeo Foods through further organic growth and strategic acquisitions as we continue to build our footprint and presence in Europe and across the rest of the world," he added.
Aside from the consumer brands, the acquisitions have “significant and growing private label, contract manufacturing and food ingredient operations”, the company said.
The six production facilities between the UK and the Czech Republic will add to Valeo's existing seven manufacturing facilities which currently produce six million units a year.
Valeo sells to more than 80 countries and has operations here, in the UK and in continental Europe.
