CapVest-backed Valeo Foods acquires tortilla chips producer IAG

Valeo Foods, which is backed by CapVest Partners, has acquired IAG, a UK-based producer of tortilla chips.

Valeo Foods, which is backed by CapVest Partners, has acquired IAG, a UK-based producer of tortilla chips. No financial terms were disclosed.

PRESS RELEASE

December 22, 2020 – Valeo Foods Group (“Valeo Foods” or “the Group”), a major fast-growing international ambient food group and owner of brand leaders Rowse honey, Kettle crisps and Jacob’s biscuits, has acquired IAG (It’s All Good), the leading producer of premium tortilla snacks in the UK including the award winning Manomasa range of premium chips.

Since its formation in 2010, Valeo Foods, a portfolio company of CapVest Partners LLP, has expanded rapidly and IAG marks its 17th acquisition, creating a major international food business across the UK, Ireland and Continental Europe, generating annual revenues of over €1 billion. The Group’s diversified products, which are sold in over 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.

IAG has grown impressively since it was founded in 2012 by Calum Ryder, current Managing Director, expanding its significant private label and branded product range beyond its flagship tortilla snacks to include rice cakes, popped chips and flat breads. Its success has been underpinned by a strong culture of new product innovation and investment. Employing 265 people at its main operations in Gateshead in the North East of England, IAG will become part of Valeo Foods’ Snacking Division, which includes Kettle Foods, Tangerine Confectionary and Big Bear.

Commenting on the transaction, Seamus Kearney, Group CEO, Valeo Foods, said: “The acquisition of IAG is consistent with our ambition of creating a global food business with an exceptional portfolio of leading food brands and products in attractive categories. We are very excited about the potential of IAG’s portfolio of private label and branded products and the opportunity to expand our presence in snacking, where we already have fantastic brands and category leaders like Kettle crisps and Metcalfe’s popcorn. We want to remain at the forefront of consolidation in the ambient food sector in Europe and we will continue to seek out further exciting opportunities for growth.”

Commenting on behalf of IAG, Calum Ryder said: “Valeo Foods is a great partner for our business. They understand the value of brands and have developed a formidable international growth platform that will significantly increase the future opportunities for our brands and our people. I look forward to working with the Valeo Foods team to ensure a seamless transition for our customers and our people.”

IAG will report to Ashley Hicks, who is leading the continued growth of Valeo Foods’ Snacking Division.

The acquisition of IAG follows that of Kettle Foods and Mathew Walker, the leading producer of seasonal puddings and desserts, in 2019. In the same period, Valeo Foods sold Nimbus Foods, a non-core business that manufactured inclusions, decorations and toppings for the food industry. Valeo Foods completed the acquisition of Tangerine Confectionery in 2018, while Big Bear joined the Group in 2017.

About Valeo Foods
Valeo Foods is a fast-growing global ambient food business with significant operations in the UK, Ireland and Europe. With annual sales of over €1 billion, a five times increase in the past ten years, the Group employs more than 4,000 people across its operations which includes 20 manufacturing facilities. Valeo Foods owns 82 food brands many of them category leaders including Rowse honey, Kettle crisps, Jacob’s biscuits, Matthew Walker puddings, Batchelors peas and beans, Kelkin Gluten free, Odlums flour and Roma pasta.

The Group is a leader in snacking & sweet treats, confectionery, health & wellness, baking & meal ingredients and food service and its products are sold in over 106 countries throughout the world.

Valeo Foods is led by Group CEO, Seamus Kearney, and a very experienced leadership team with significant experience and expertise of the global food markets.

About IAG
Established in 2012, It’s All Good Ltd has built an enviable reputation for innovation, quality and service across its product categories. High growth, with a turnover of £37m +, IAG employs more than 250 people across two sites in Gateshead. In addition to the centre piece premium tortilla brand, Manomasa, the business manufactures retailer branded tortilla chips, pitta chips, and rice cakes.