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Latest The Phoenix Partners News

Valeo adds maple syrup to the mix with North American acquisition

May 4, 2022

Valeo Foods, best-known for brands such as Kettle crisps and Jacob’s biscuits, has made its first acquisition in North America with the purchase of Canadian maple syrup processor Bernard from private equity firm Phoenix Partners. The transaction, which will add €95m to Valeo’s more than €1bn in annual sales, is the first the Dublin-headquartered company has made outside Europe and the first since long-term owner CapVest sold it to Bain Capital last May. Bain said at the time that its plan was to grow Valeo both organically and through acquisitions to consolidate its position as a leading international food business. The deal for the Quebec-based Bernard, the biggest independent maple syrup maker in the world, brings the Buckwud export brand under Valeo’s umbrella. It also connects the company, which to date has mainly focused on the UK, Ireland and continental Europe, with more than 40 major food retailers around the world and crucially with distributors in the giant US and Canadian markets. The Bernard family, which has been running the business since they founded it five generations ago in the 19th century, is staying on to manage the brand, Valeo said in a statement. The transaction demonstrates Valeo’s continued appetite for deals following its relentless buying spree over the last 12 years, which paused only during its own sales process. Starting in 2010, CapVest built the Irish-only Origin Foods and Batchelors businesses into a major force in ambient food, making 17 acquisitions along the way and growing sales to €1.1bn across 106 markets. Its most recent acquisitions prior to the Bain deal were snack companies It’s All Good, which makes tortilla chips, in December 2020 and Kettle, the popular crisp maker, in 2019. It now sits alongside Burger King, Dunkin and Domino’s Pizza in Bain’s portfolio of high-profile food businesses. Business Newsletter

The Phoenix Partners Team

1 Team Member

The Phoenix Partners has 1 team member, including former Chief Financial Officer, William B. Horne.

Name

Work History

Title

Status

William B. Horne

Chief Financial Officer

Former

Name

William B. Horne

Work History

Title

Chief Financial Officer

Status

Former

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