Kettle Chips owner Valeo could raise £ 1.5bn
Irish company Valeo Foods has reportedly piqued the interest of a number of potential buyers after its private equity owner CVest speculated it would launch the Kettle chips and Jacob’s biscuit maker.
Sky news has reported that London-based PE company Cinven and Gavin Darby, former CEO of Premier Foods and now chairman of fruit supplier Orchard House, joined forces on a £ 1.5 billion offer for Valeo . USD) work.
The talks are said to be at an early stage and are part of a Valeo auction initiated by CVest. Sky news said today (March 26) after the broadcaster reported in January that the private equity firm had used US investment bank Goldman Sachs to oversee the process.
Cinven and Darby are reportedly joining as other interested parties in private equity firms Bain Cital, Advent International and PAI Partners.
A CVest spokesman told Just-Food: “Our official position and policy is not to comment on speculation.” A representative from PAI Partners said the company “never commented on any such speculation.” Bain declined to comment.
At the time of writing, Just-Food was still waiting for an answer from Cinven and Advent.
Dublin-based Valeo was founded by CVest more than a decade ago when it bought two Irish food companies: Batchelors and Origin Foods. It then acquired kettle chips and Rowse honey, both of which are now under the Valeo umbrella, as well as another acquired company, snack maker It’s All Good.
CVest’s other holdings include the meat and seafood business Eight Fifty Food Group, in which Young’s Seafood is now based, and Carroll’s Cuisine, a delicatessen and ready-made meals company, and the German confectionery company Schluckwerder Holding.
Valeo is now a EUR 1.2 billion (US $ 1.4 billion) company operating in the UK, Ireland and the rest of Europe.