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