Valeo Foods Group announces that it has reached an agreement for the sale of its Irish ambient food business, Valeo Foods Ireland, to an investor group led by Hilliard Lombard, a former CEO of the Irish business.
The transaction represents a positive next step for Valeo Foods Ireland and reflects the strength of the business that has been built over many years. The new owners recognise the quality and experience of its people, its strong customer relationships and the enduring appeal of its portfolio of leading food brands, and have a clear ambition to support its continued development and growth.
Valeo Foods Ireland has been a valued part of Valeo Foods Group for 16 years, during which time it has established the leading position in the Irish ambient food sector and made an important contribution to the development and success of the wider Group.
For Valeo Foods Group, the transaction is consistent with their strategy to optimise the portfolio and sharpen their focus on the ambition to be the "Sweet Treats Champion". This follows significant investment in recent years across the Naturally Sweet (Honey and Maple Syrup), Confectionery and Sweet Bakery platforms and enables the Group to continue concentrating its resources and investment behind these areas of strategic growth.
The new ownership also provides Valeo Foods Ireland with a strong platform for its next phase of development. Importantly, the transaction does not mark the end of the relationship. Valeo Foods Group and Valeo Foods Ireland intend to maintain a close commercial relationship following completion, including the continued distribution of Valeo Foods' international brand portfolio in Ireland.
Completion of the transaction is subject to customary regulatory approvals in Ireland. The financial terms of the transaction will not be disclosed.