Ireland: Valeo Foods to acquire Italian cake brand Balconi
Irish firm Valeo Foods, owner of the international bicuit brand Jacob’s, is to acquire the Italian cake company Balconi in a deal worth about €200 million ($223 million), according to an article in the Irish Times.
Dublin-based Valeo will buy 80% of the Italian firm from the private equity firm Clessidra and 20% from Balconi, the family which founded the Milanese company in 1953.
According to the Irish Times, the transaction will increase Valeo’s turnover to €700 million ($782 million) per annum.
Seamus Kearney, Valeo CEO, commented: “Balconi is a great company, with leading products in its markets. This agreement is in line with Valeo Foods’ ambitions for international growth, and desire to expand our coverage of Europe. We look forward to working with the CEO of Balconi, Giuseppe Dossena, and the rest of the management to build on the success of today – the basis for continuing to grow the business”.
Clessidra Sgr partner Manuel Catalano added: “We are particularly satisfied to reach this agreement which highlights Clessidra’s ability to transform a family business like Balconi into a company geared towards the international market. […] In the last three years our sales increased by 50% and with Valeo Balconi can now start a new chapter in its growth, taking advantage of the distribution synergies of the Irish group, especially in northern Europe”.
Source: Irish Times / Corriere