A snack manufacturer employing more than 250 people in the North East has been sold to one of the world’s fastest growing food companies.
Gateshead-based It’s All Good, which makes pitta chips and tortilla snacks including the Manomasa range, has been acquired by the Irish Valeo Foods Group, owners of brands such as Kettle chips, Jacob’s biscuits and Rowse honey.
The deal, which takes Valeo’s annual sales above the €1bn mark, will see 265 workers at It’s All Good transfer to Valeo’s snacking business.
It also marks an exit for Newcastle private equity group NVM, which backed former Union Snacks MD Calum Ryder who set up the company with Michael Weatherhead and Lynn Saul.
It’s All Good - which was one of four North East firms which this year made the Alantra Food & Beverage Fast 50, which ranks the UK’s fastest-growing privately owned food and drinks businesses - received an eight-figure financing package last year from NVM, the North East Growth Fund and Allied Irish.
Mr Ryder said: “Valeo Foods is a great partner for our business. They understand the value of brands and have developed a formidable international growth platform that will significantly increase the future opportunities for our brands and our people.”
Since its formation 2010, Valeo Foods has expanded rapidly and sells food in more than 100 countries around the world. It’s All Good is its 17th acquisition. It owns brands such as Batchelor’s, Fox’s Biscuits and Barratts sweets.
Seamus Kearney, CEO at Valeo Foods, said: “The acquisition of IAG is consistent with our ambition of creating a global food business with an exceptional portfolio of leading food brands and products in attractive categories.
“We are very excited about the potential of IAG’s portfolio of private label and branded products and the opportunity to expand our presence in snacking, where we already have fantastic brands and category leaders like Kettle crisps and Metcalfe’s popcorn. We want to remain at the forefront of consolidation in the ambient food sector in Europe and we will continue to seek out further exciting opportunities for growth.”
