Valeo Foods is set to acquire Italian cake and biscuit maker Balconi Industria Dolciaria.

The company, which owns the Jacobs cracker brand, has struck a deal to take control of the 80% of Balconi owned by private equity group Clessidra. The company will also buy the remaining 20% still owned by the founding Balconi family.

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In a statement, Clessidra partner Manuel Catalano said that the move would enable Balconi to expand internationally. "With the entry of Valeo, Balconi can begin a new chapter in its growth, benefiting from distribution synergies, particularly in Northern Europe," he commented.

Financial details of the transaction were not disclosed. According to local reports Balconi was valued at EUR200-250m (US$227-284m).

Valeo, which is controlled by private equity firm CapVest, has expanded via M&A in recent years, including deals to acquire the Rowse honey, Kellin and Robert Roberts brands.

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