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Group led by serial food sector investor Hilliard Lombard was vying with several other parties to acquire the business
Group led by serial food sector investor Hilliard Lombard was vying with several other parties to acquire the businesshas agreed a deal to sell its Irish business, which makes the Jacob’s Biscuits and Odlums brands, to a consortium led by food sector investor Hilliard Lombard.
Last year, US-based investment bank Houlihan Lokey was appointed to lead a sales process of Valeo’s Irish division. The Irish Times understands a group of wealthy people and family offices led by Lombard, a serial food sector investor, has agreed a deal to acquire Valeo Foods Ireland.
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A number of parties showed an interest in acquiring the Irish unit, including Brussels-based private equity firm Syntagma Capital, Edward McCloskey’s Boyne Valley and London-listed Princes Group. A spokeswoman for Bain Capital declined to comment. Lombard did not respond to a request for comment. A spokesman for Valeo Foods did not comment on the deal.
Valeo Foods Ireland, one of the country’s biggest food companies, is divided into three divisions, consisting of grocery, food service and healthcare. The Irish operation, which has more than 500 staff, has manufacturing sites in Cabra, Portarlington, Broomhill and Mulhuddart. It also runs a national logistics hub in Ballymount. Valeo Foods Ireland has been part of the wider Valeo Foods Group, which owns a number of snack brands including Kettle Chips, Rowse Honey and Barratt sweets.
Earlier this year, a note released by ratings agency Moody’s said Valeo Foods Group’s earnings before interest, taxes, depreciation, and amortisation rose from €231 million to €240 million in the 12 months to December 2025. However, it said the group faced difficult trading conditions in Ireland and the UK.
“Ireland struggled with challenging trading conditions and loss of brand partners, and the UK saw volume drops due to aggressive competitor promotions in confectionery,” the Moody’s document noted. It added that Valeo Food Group’s operating performance remained “at the weak end of our expectations” and its leverage “remains high, with Moody’s-adjusted gross debt-to-Ebitda expected to be just over nine times in fiscal 2026, which positions the company weakly in the rating category”.
The Irish unit of Valeo Foods has operated within this highly leveraged international ownership structure. It is understood the cash generated from the sale of the Irish business will help reduce the group’s debt.from €1.52 billion to €1.62 billion in the 12 months to March 31st, 2025, and operating profits rose by 24 per cent to €85.3 million.
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