CVC Credit is pleased to announce that it has provided second lien debt facilities to support Bain Capital's acquisition of Valeo Foods. CVC Credit will support the continuing growth strategy of the business through its Capital Solutions strategy, which focuses on providing primary junior capital to medium and large European and US companies.
Valeo Foods is a leading European producer and innovator of high quality, branded and private-label food products such as biscuits, cakes, honey, tinned food and sauces. Headquartered in Dublin, the business's portfolio of iconic brands includes Jacobs, Rowse, Kettle, Odlums, Barratt, and Balconi, many of which have histories that stretch back as far as 150 years. The company operates from 24 factories, with over 90% of products manufactured in-house and it employs more than 4,200 people.
Miguel Toney, Partner at CVC Credit, commented: "Valeo is a resilient, well-diversified business operating in a large and structurally growing market. Its leading positions in several of its categories gives it a fantastic platform from which to build and CVC is delighted to support a high quality management team and an experienced sponsor to support the company's exciting growth plans."
Nigel Walder, a Managing Director at Bain Capital Private Equity, said: "Valeo has been developed into a key player in the European food industry by a talented and ambitious team. We believe this business has further potential to grow significantly, both organically and through acquisitions, and look forward to partnering with Valeo's CEO Seamus Kearney and his team to accelerate that growth trajectory and further consolidate the Company's position as a leading international food business."