Valeo Foods Group acquires leading UK producer of popular tortilla chips
22nd December 2020
Food Group lawyers advise on strategic acquisition to add approximately £37 million in annual sales to Valeo Foods
Lawyers from the Walker Morris Food & Drink Team have advised Valeo Foods Group on its acquisition of IAG (It’s All Good), the leading producer of premium tortilla snacks in the UK including the award winning Manomasa range of premium chips.
Since its formation 2010, Valeo Foods, a portfolio company of CapVest LLP, has expanded rapidly and is now a major international ambient food group and owner of brand leaders Rowse honey, Kettle crisps and Jacob’s biscuits.
IAG marks Valeo’s 17th acquisition, creating a major international food business focussed on the UK, Ireland and Continental Europe, generating annual revenues of over €1 billion. The Group’s diversified products, which are sold in over 106 countries around the world, include numerous heritage brand leaders in key growth categories like snacking & sweet treats, confectionery, health & wellness, beverages & agency, baking & meal ingredients and food service. The UK is Valeo Foods’ biggest market, accounting for just over half of current revenues.
Employing 265 people at its main operations in Gateshead in the North East of England, IAG will become part of Valeo Foods’ growing snacking business which includes Kettle Foods, Tangerine Confectionary and Big Bear.
Richard Naish, Head of the Food & Drink Team, led the Walker Morris legal team with support from Jessica Stanley.
Commenting on the transaction, Richard Naish said:
“Having worked with Valeo for a number of years it is particularly pleasing to have supported on this latest acquisition, which is in line with their growth strategy.
Food & Drink is a dynamic and innovative sector which is facing increasing change. Valeo’s acquisition will ensure it is well placed for the future challenges and opportunities ahead.”
Seamus Kearney, Group CEO, Valeo Foods, added:
“The acquisition of IAG is consistent with our ambition of creating a global food business with an exceptional portfolio of leading food brands and products in attractive categories. We are very excited about the potential of IAG’s portfolio of private label and branded products and the opportunity to expand our presence in snacking, where we already have fantastic brands and category leaders like Kettle crisps and Metcalfe’s popcorn. We want to remain at the forefront of consolidation in the ambient food sector in Europe and we will continue to seek out further exciting opportunities for growth.”
Commenting on behalf of IAG, Calum Ryder said:
“Valeo Foods is a great partner for our business. They understand the value of brands and have developed a formidable international growth platform that will significantly increase the future opportunities for our brands and our people.”
The specialist Food & Drink Team at Walker Morris consists of lawyers immersed in the food and drink industry and focussed on providing practical solutions across the range of issues facing the sector.
The team presented a webinar, hosted by The Food & Drink Federation, on ‘How will Net Zero reshape your business?’ which looks at how the sector can respond to climate change and where to start with carbon reduction’.
