t ransact ions vAlEo fooDs to AcQuIrE JAcoB
fruItfIElD fooD group valeo foods has agreed to acquire the business of Jacob fruitfield food group for an undisclosed consideration. the deal is subject to regulatory approval. The combined business of Valeo and Jacob Fruitfield will have
an annual turnover of approximately €300 million and a combined workforce of nearly 500. Valeo is controlled by CapVest, the London-based European mid-market private equity firm led by Seamus Fitzpatrick, whose investors include clients of NCB Wealth Management. The acquisition of Jacob Fruitfield will be financed by a combination of cash, vendor loan note and new equity. Commenting on the transaction, Seamus Fitzpatrick,
Chairman, Valeo Foods Group, said: "Given the very tough trading environment, growing the business to allow investment behind our brands makes strong commercial sense. Our acquisition of Jacob Fruitfield is a significant step in what is likely to be an ongoing process of further consolidation in the Irish food sector. The enlarged Valeo that will emerge from this deal will be a more diversified and resilient Irish food company, well positioned for further growth."
NCB Corporate Finance and Arthur Cox advised Valeo. Bank of Ireland Corporate Banking acted as Mandated Lead Arranger, Facility Agent and Security Trustee; with AIB Corporate Banking, HSBC Corporate Banking Ireland, Rabobank Ireland plc and Ulster Bank Corporate Banking acting as Mandated Lead Arrangers in providing financing for the Transaction. Stamford Partners and William Fry advised Jacob Fruitfield. Deloitte Corporate Finance acted for Jacobs Fruitfield, providing due diligence, taxation and deal structuring advice. fi
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www.finance-monthly.com OCTOBER 2011
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