Ireland’s Valeo Foods Group has announced the acquisition of UK-based meat-snacks business New World Foods Europe (NWFE).
It has bought the company – owner of a portfolio of meat-snack brands including Kings, Wild West, Speyside and Cruga – from the Australia-based FMCG entrepreneur Tony Quinn for an undisclosed sum.
This marks the first deal for Valeo Foods – the owner of brands such as Rowse honey, Kettle crisps and Jacob’s biscuits – since the acquisition of the group itself by US-based Bain Capital Private Equity from CapVest Partners was announced in May.
Valeo, founded in 2010, said NWFE will add around GBP25m (US$34.6m) in annual sales to its business.
NWFE, based in Yorkshire in northern England, was formed in 2018 when Quinn acquired the Meatsnacks Group, co-founded by James Newitt. He stayed with the business and will continue to lead NWFE following its takeover by Valeo.
Aside from its named brands, NWFE has a presence in private- label.
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It employs 120 people at its main operations in York and Forres in Scotland.
NWFE will become part of the Valeo Foods Snacking Division headed by Ashley Hicks, which includes the aforementioned Kettle Foods as well as Tangerine Confectionary, Big Bear and Its All Good.
Seamus Kearney, Valeo’s CEO, said: “NWFE is a great addition to our expansive portfolio of leading food brands and is consistent with our ambitious growth strategy. The acquisition of NWFE adds a new and very strong dimension to our snacking business and we are very excited about the growth potential of NWFE’s portfolio of on-trend protein snacks and the opportunity to further develop the meat snacks category.”
NWFE managing director Newitt said: “We identified Valeo Foods as the perfect strategic fit to leverage further distribution opportunities in all channels, particularly international and convenience.”