Eire-based Valeo Meals Staff has obtained Canadian maple syrup producer Les Industries Bernard & Fils.
The deal for Bernard represents Valeo’s first acquisition in North The usa. It purchased the trade from Phoenix Companions, a Montreal-based inner most fairness crew, for an undisclosed sum.
Valeo, owned by means of funding crew Bain Capital, owns manufacturers together with Rowse honey, Kettle crisps, Jacob’s biscuits, Matthew Walker puddings and Batchelors peas and beans. It additionally has a maple syrup emblem, Buckwud, in its portfolio.
Bernard is its first acquisition in 2022. Valeo’s final deal noticed it purchase UK savoury-snacks provider Freshers Meals in November final yr.
Valeo mentioned the Bernard deal will upload an extra EUR95m (US$100.2m) to its annual revenues. The corporate says its revenues are greater than EUR1bn.
The Bernard kin has been generating natural maple syrup in Canada for the reason that 1800s. Primarily based in Quebec, it operates from an 85,000 sq feet facility. Put up-deal, it’ll proceed to be led by means of the 5th technology of the Bernard kin.
Bernard’s merchandise are bought in additional than 40 nations all over the world with number one distribution in the USA and Canada. Valeo mentioned it’ll glance to make use of the gang’s present international provide chain and main meals store relationships to boost up its global expansion.
Seamus Kearney, Valeo crew CEO, mentioned: “Bernard is a brilliant trade, led by means of an overly skilled and passionate staff and its acquisition additional complements our rising portfolio of family-favourite meals manufacturers and merchandise.
“We’re overjoyed that the Bernard kin will proceed to retain very sturdy involvement within the operating of the trade. Valeo Meals is on a adventure to changing into a number one international meals trade and we stay focussed on rising our operations organically and thru additional acquisitions.”
Martin Bernard, an govt vp at Bernard, mentioned: “Our other folks have unrivalled business enjoy and experience and matched with our expanded processing amenities, we’re rather well located to transport to the following thrilling expansion section in our lengthy and a hit historical past. Lately’s announcement is excellent news for our staff, farmer-growers, shoppers, shoppers and the native communities by which we’re founded.”
Valeo used to be shaped in 2010 when private-equity company CapVest obtained two Irish meals companies: Batchelors and Starting place Meals. CapVest regularly constructed Valeo via M&A earlier than promoting the trade to Bain Capital final yr.
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