Valeo To Acquire Italian Baked Goods Firm Balconi
07 May 2015 --- Irish food company Valeo Foods has entered an agreement to buy Italian cake and biscuits company Balconi from private equity firm Clessidra, say Italian press reports.
The deal, rumoured to be worth €200m, gives Valeo, which owns iconic brand Jacob’s biscuits, 100% ownership of the Italian snack maker, as it is to buy the 20% owned by the Balconi family, in addition to Clessidra’s 80% stake.
Balconi, which sells a wide range of prepackaged cakes and snacks, operates from a large factory complex located about a half hour northwest of Milan. It supplies the Italian market and also exports to a number of other countries including Spain, France, Germany and Britain.
A statement released by Clessidra indicated that Valeo will look to expand distribution further into northern Europe. The company has sales of around €200 million annually, and employs some 180 staff.
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