Valeo Foods buys Lübecker marzipan owner

Following the cope with the present house owners, German non-public fairness agency Novum Capital, Valeo Meals mentioned its annual revenues will enhance to roughly €1.2bn ($1.46bn).

Established in Eire in 2010, Valeo Meals’ acquisition-led progress consists of Kettle crisps, Rowse honey and Jacob’s biscuits in its portfolio, together with Tangerine Confectionery and Huge Bear Confectionery.

Schluckwerder was based in 1956 and produces the 175-year-old Lübecker marzipan manufacturers Erasmi and Carstens, that are protected underneath EU geographic designation standing since 1996 – and are produced utilizing larger high quality requirements than different marzipan-based merchandise, the corporate claims.

It additionally produces nougat, chocolate rings, fondant, crocant and praline treats.

Valeo group chief govt Seamus Kearney mentioned Schluckwerder is its first German acquisition and the corporate expects additional progress throughout Europe sooner or later.

 “Its buy represents the continued realisation of our technique of constructing a significant worldwide meals enterprise the place we see additional enticing alternatives for enlargement​,” he mentioned.

Valeo Meals will proceed to give attention to targets in classes with secure demand traits the place we will apply our staff’s deep expertise and experience to drive sustainable progress​.”

The acquisition is topic to regulatory approvals and monetary phrases haven’t been disclosed.

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