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May 3, 2022updated 04 May 2022 1:27pm

Valeo Foods buys Canadian maple syrup business Bernard

The deal represents Valeo’s first acquisition in North America.

By Andy Coyne

Ireland-based Valeo Foods Group has acquired Canadian maple syrup manufacturer Les Industries Bernard & Fils.

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The deal for Bernard represents Valeo’s first acquisition in North America. It bought the business from Phoenix Partners, a Montreal-based private equity group, for an undisclosed sum.

Valeo, owned by investment group Bain Capital, owns brands including Rowse honey, Kettle crisps, Jacob’s biscuits, Matthew Walker puddings and Batchelors peas and beans. It also has a maple syrup brand, Buckwud, in its portfolio.

Bernard is its first acquisition in 2022. Valeo’s last deal saw it buy UK savoury-snacks supplier Freshers Foods in November last year.

Valeo said the Bernard deal will add a further EUR95m (US$100.2m) to its annual revenues. The company says its revenues are more than EUR1bn.

The Bernard family has been producing pure maple syrup in Canada since the 1800s. Based in Quebec, it operates from an 85,000 sq ft facility. Phoenix Partners acquired the business in 2017. After its sale to Valeo, it will continue to be led by the fifth generation of the Bernard family.

Bernard’s products are sold in more than 40 countries around the world with primary distribution in the US and Canada. Valeo said it will look to use the group’s existing global supply chain and major food retailer relationships to accelerate its international growth.

Seamus Kearney, Valeo group CEO, said: “Bernard is a great business, led by a very experienced and passionate team and its acquisition further enhances our growing portfolio of family-favourite food brands and products.

“We are delighted that the Bernard family will continue to retain very strong involvement in the running of the business. Valeo Foods is on a journey to becoming a leading global food business and we remain focussed on growing our operations organically and through further acquisitions.”

Martin Bernard, an executive vice president at Bernard, said: “Our people have unrivalled industry experience and expertise and coupled with our expanded processing facilities, we are very well positioned to move to the next exciting growth phase in our long and successful history. Today’s announcement is good news for our employees, farmer-growers, customers, consumers and the local communities in which we are based.”

Valeo was formed in 2010 when private-equity firm CapVest acquired two Irish food businesses: Batchelors and Origin Foods. CapVest steadily built Valeo through M&A before selling the business to Bain Capital last year.

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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