Valeo Foods, a portfolio company of CapVest Partners LLP, was recently acquired by Bain Capital Private Equity and the transaction is due to close in the coming weeks.
Since its formation in 2010, Valeo Foods has become a major international food business across the UK, Ireland and Continental Europe, generating annual revenues of over €1.2bn. It has expanded rapidly and NWFE marks its 19th acquisition. It looked set to add £25m in sales to its revenue, Valeo Foods said.
The group’s diversified products, which are sold in more than 106 countries around the world, include numerous heritage brand leaders in key growth categories like snacking & sweet treats, confectionery, health & wellness, baking & meal ingredients and food service. The UK is Valeo Foods’ biggest market, accounting for just over half of current revenues.
NWFE has also achieved considerable growth since 2018, when it acquired The Meatsnacks Group, co-founded by James Newitt, managing director.
Newitt was an early pioneer for jerky and biltong in the UK and Valeo Foods said he would continue to lead the NWFE business. Its portfolio includes brands such as Kings, Wild West, Speyside and Cruga, plus premium private labels.
That success has been underpinned by new product innovation and optimisation of its factories. Employing 120 people at its main operations in York and Forres, NWFE will become part of the Valeo Foods snacking division headed by Ashley Hicks, which includes Kettle Foods, Tangerine Confectionery, Big Bear and Its All Good.
"The acquisition of NWFE adds a new and very strong dimension to our snacking business and we are very excited about the growth potential of NWFE’s portfolio of on-trend protein snacks and the opportunity to further develop the meat snacks category,” Seamus Kearney, group chief executive of Valeo Foods, said.
Newitt said: “We identified Valeo Foods as the perfect strategic fit to leverage further distribution opportunities in all channels, particularly international and convenience as well as benefit from a more holistic and localised ownership.
"The team are excited, with the support of Ashley Hicks and the wider Valeo team, to accelerate our growth strategy which includes some exciting NPD."