Batchelors owner Valeo circled by Cinven in €1.7bn sales process

CapVest-owned Valeo is headed by Seamus Kearney

CapVest-owned Valeo is headed by Seamus Kearney

Seamus Kearney

CapVest-owned Valeo is headed by Seamus Kearney

John Mulligan Twitter Email

March 27 2021 02:30 AM

Valeo Foods, the Irish owner of brands including Batchelors, Kettle, and Kelkin is being circled by the former boss of Premier Foods in a continuing sales process that’s likely to value the business at about €1.7bn.

Valeo, headed by former Aer Lingus executive Seamus Kearney, is owned by CapVest, the private equity firm that was established by Cavan financier Seamus Fitzpatrick.

CapVest hired Goldman Sachs a number of months ago to run a sales process that has lured potential bidders.

Sky News reported yesterday that ex-Premier Foods CEO Gavin Darby is among those now sizing up a potential run at Valeo, whose brands also include Rowse Honey, Silvermints, Chef, Odlums and Shamrock.

Mr Darby is reportedly working alongside private equity group Cinven as he lays the groundwork for a tilt at the Irish company.

CapVest declined to comment.

Private equity groups Bain, Advent International and PAI Partners are also among those running the rule over Valeo, it was reported.

Mr Darby ran Premier Foods for six years and would become Valeo’s chairman if his bid succeeds.

Premier Foods owns a suite of household brands such as Bisto, Bird’s Custard, Mr Kipling and Oxo.

In 2017, Mr Darby narrowly avoided a bid by shareholders to oust him from the group and in 2018 announced he would leave the business in early 2019.

Valeo Foods was established in 2010 as a portfolio business of CapVest. It has expanded significantly then via bolt-on acquisitions. It has annual sales of more than €1.2bn.