Valeo Foods Group has agreed to acquire UK-based Bakery Foods, trading as Matthew Walker, from 2 Sisters Food Group for £67 million.
Employing around 200 people at its manufacturing facility in Derbyshire, Matthew Walker produces Christmas puddings, seasonal sponges, cakes and free-from desserts for the retail and foodservice channels.
The acquisition will add approximately €40 million in sales to Valeo Foods, taking annualised sales for the group to more than €1 billion.
Matthew Walker will join Valeo Foods’ portfolio of brands such as Rowse Honey, Barratt, Jacob’s, Fox’s Glacier Mints, Balconi and the Kettle Crisps brand in Europe, which it acquired last month.
Ian Ainsworth, managing director of Valeo Foods UK, said: “The strength of Matthew Walker’s market leadership combined with the strong consumer demand for its high-quality products make the business and its brands a great addition to our existing Valeo UK growth platform to sit alongside our wider portfolio of products including our very successful Rowse Honey brand.
“We look forward to welcoming and working with our new colleagues in Matthew Walker as we pursue our ambitious growth plans for the business.”
Established in 2010 as a portfolio company of CapVest Partners, Valeo Foods has completed 14 acquisitions over the past nine years. The firm, which employs more than 3,000 people, operates across four platforms: Valeo UK, Valeo Ireland, Valeo Europe and Valeo Confectionery.
Ronald Kers, CEO of Boparan Holdings, the parent company of 2 Sisters Food Group, said: “This sale is further good news as we continue at pace with our turnaround plan. We remain very much on track to meet our strategic aims of focusing on our core businesses and improving our operational performance.”
The news comes the same week as Valeo secured a deal to sell Nimbus Foods, a supplier of inclusions, decorations and toppings, to Meadow Foods.
Cargill is investing $150 million in a new plant that produces advanced biofuels from waste and residues, in an effort to further promote circular economy.
The European Parliament has voted to reject the ban on plant-based products using names typically associated with meat products, but has voted in favour of a plant-based dairy ban.
Researchers have developed a portable device that detects how much capsaicin a pepper contains with the help of a smartphone.