Novum Capital to sell Schluckwerder to Irish Valeo Foods

 

Following the deal, Valeo Foods said its annualised revenues will increase to about €1.2 bn. It said that Schluckwerder is the first purchase for Valeo Foods in Germany and will further consolidating the group’s position as a major international food business across its three business units in the UK, Continental Europe and Ireland. Established in Ireland in 2010, Valeo Foods has expanded significantly in recent years through acquisition-led growth and its brands include Kettle crisps, Rowse honey, Jacob's biscuits and confectionery group Tangerine Confectionery.

Schluckwerder was founded in 1956 and its products include the 175-year-old Lübecker marzipan brands, Erasmi and Carstens. Seamus Kearney, Group CEO of Valeo Foods, said that Schluckwerder is a great business that is supported by an extensive team of excellent people and it significantly strengthens Valeo's presence in Continental Europe. “Its purchase represents the continued realisation of our strategy of building a major international food business where we see further attractive opportunities for expansion,” Mr Kearney said.