Valeo Foods, the Irish foods company, is acquiring the confectionery arm of Finnish firm Raisio for an enterprise value of €100 million ($121 million).
Raisio, predominantly known as the owner of the international Benecol brand, said that its confectionery operations in the UK and the Czech Republic would be transferred to become part of Valeo Foods via a share transaction.
Raisio’s confectionery business includes the brands Poppets, Fox’s, XXX, Just and Pedro, as well as six production plants operating in the UK and the Czech Republic. The division generated net sales of €71.3 million ($86.0 ilion) in the first three quarters of 2017.
Commenting on the deal, Valeo Foods CEO Seamus Kearney said: “This transaction is consistent with Valeo Foods’ strategic focus and we are very excited about the opportunities to expand and grow these businesses through a combination of significant new capital and brand investment”.
Source: Raisio (via GlobeNewswire)