Ireland’s Valeo Foods has renewed its thirst for acquisitions with the purchase of Prestige-96 in Bulgaria.
The deal for the biscuits, wafers and mini-cakes maker has been struck for an undisclosed sum in what Bain Capital-backed Valeo said is its eighth M&A transaction since 2022.
“Prestige reinforces the company’s ambition to strengthen its position as Europe’s leading sweet-treats champion,” Valeo said in a statement today (19 March).
“The acquisition also creates new pathways to expand into adjacent snacking categories and broadens Valeo Foods Group’s international footprint by leveraging the export strengths of both organisations to grow in existing and new markets.”
Founded in 1996, Prestige owns a host of brands including Naya, Hyper, Mirage and Roden Kray. The management team and workers at Prestige, which employs 450 staff, will remain in place.
Valeo CEO Ronald Kers said: "By combining Prestige’s category expertise with the scale of the Valeo Foods' network, we see significant opportunities to accelerate growth, expand into new markets, and bring even more loved products to consumers across Europe.
“This acquisition is a clear investment in long term, sustainable growth, adding capabilities that naturally enhance our core business.”
The Irish business generates annual revenues of around €2bn ($2.3bn). A selection of its brands includes Balconi cakes, Barratt sweets and Pedro confectionery, Mila wafers and Rowse Honey.
Darina Stoyanova, the CEO of Prestige, said: “By combining Prestige’s much loved brands with Valeo Foods’ international scale and capabilities, we see tremendous potential to grow our business, reach new markets and continue delivering the products consumers love.”
Just Food has asked Valeo for more details on Prestige's turnover, manufacturing operations and markets presence.
Bain Capital bought Dublin-based Valeo from fellow investor CapVest in 2021. It has since built up its portfolio through M&A.
Deals struck last year include Melegatti 1894 and Freddi Dolciaria in Italy.
In 2024 it bought IDC Holding in Slovakia, Appalaches Nature in Canada and Dal Colle, also in Italy. Canadian maple syrup manufacturer Les Industries Bernard & Fils was added in 2022.
