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Bain Capital acquires Valeo Foods

May 10, 2021

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Bain Capital acquires Valeo Foods

Dublin and London, May 10th, 2021 – Bain Capital Private Equity, a leading global private investment firm, announced that it has signed a definitive agreement with CapVest to acquire Valeo Foods Group (“Valeo”), a leading pan European food business. 

Valeo is a leading producer and innovator of high quality, category-defining branded and private-label food products. Established in 2010 and headquartered in Dublin, today it operates across Europe. Valeo’s portfolio of iconic brands includes Jacobs, Rowse, Kettle, Odlums, Barratt, and Balconi, many of which have histories that stretch back as far as 150 years. 

As a fast-growing consolidator in the food sector, Valeo has expanded rapidly and grown annual net sales to approximately €1.1 billion for the 12 months through to March 2021, from less than €200 million in 2010. Today the company serves 106 markets globally, produces more than 400,000 tonnes annually across its 24 manufacturing facilities, and employs more than 4,000 people.  Seamus Kearney, Group CEO of Valeo Foods will continue to lead the business with the existing management team. 

Nigel Walder, a Managing Director at Bain Capital Private Equity, said: “Valeo Foods has been developed into a key player in the European food industry by a talented and ambitious team. We believe Valeo has further potential to grow significantly, both organically and through acquisitions, and look forward to partnering with Seamus and his team to accelerate that growth trajectory and further consolidate the Company’s position as a leading international food business.”

Seamus Kearney, Group CEO of Valeo Foods, said: “This transaction is a very positive reflection of the quality of our business and all of our people. It is also testament to the passion and commitment CapVest, our management team and all of our colleagues have shown in continuously delivering best-in-class food products to our customers and consumers across our 106 markets. Bain Capital’s deep knowledge and heritage in innovation and investment in the food and grocery sectors means this is great news for our business and our people.  We are very excited to work alongside the Bain Capital team as we continue our journey and pursue our ambitious plans for further growth in the future.”  

Jason Rodrigues, Partner at CapVest, said: “The sale of Valeo Foods represents the culmination of our strategy to build a major international food business through a combination of strategic investment, innovation and complementary acquisitions of businesses and brands in categories with stable demand characteristics, where we have applied our team’s deep experience to drive sustainable growth. It has been a great partnership with an exceptional leadership team led by Seamus Kearney. Together they have created a high-performing and growing leader in ambient foods. We look forward to seeing Valeo Foods continue to flourish under Bain Capital’s ownership.”

Bain Capital Private Equity received financial advice from Credit Suisse and Houlihan Lokey, legal advice from Weil Gotshal & Manges, financial due diligence, tax and structuring services from PWC, commercial and strategy due diligence services from OC&C, and operations and IT due diligence services from Alix Partners.

CapVest and Valeo Foods management received financial advice from Goldman Sachs, legal advice from Willkie Farr & Gallagher, financial due diligence services from KPMG, commercial due diligence services from EY-Parthenon, and tax due diligence and structuring services from PWC. 

The transaction remains subject to approvals by competent regulatory authorities.

About Bain Capital Private Equity 
Bain Capital Private Equity (www.baincapitalprivateequity.com) has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity’s global team of approximately 550 professionals create value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. Bain Capital has offices in Boston, Chicago, New York, Palo Alto, San Francisco, Dublin, London, Luxembourg, Madrid, Munich, Guangzhou, Melbourne, Mumbai, Hong Kong, Seoul, Shanghai, Sydney and Tokyo. The firm has made primary or add-on investments in more than 1,000 companies since its inception. In addition to private equity, Bain Capital invests across asset classes including credit, real estate, public equity and venture capital, managing more than $130 billion in total and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus.

For more information, visit www.baincapitalprivateequity.com

About Valeo Foods
Valeo Foods is a leading European ambient food company operating from a number of established growth platforms across the UK, Europe and Ireland. Valeo Foods offers a diversified portfolio of leading food brands including Jacobs, Rowse, Kettle, Odlums, Barratt and Balconi, among others, across various categories and channels. The Group is also a significant producer of private label products, and have long-standing relationships with all major retailers.

Valeo Foods employs over 4,000 employees across 24 facilities in Ireland, UK, Italy, Czech Republic, the Netherlands, and Germany, generating a total output of nearly 400,000 tonnes per year. Valeo Foods is focussed on providing sustainable, high-quality food products while continuing to grow alongside its valued customer base.

For more information, visit: www.valeofoodsgroup.com

About CapVest
CapVest is a leading international private equity investor that partners with ambitious companies that supply essential goods and services. As an active and patient investor, CapVest has established a strong track record of success in delivering attractive returns by working closely with management teams in supporting transformation in the size and scale of its portfolio companies through a combination of investing behind organic and acquisition-led growth. 
For more information, visit www.capvest.co.uk