The European Commission has cleared the way for Irish food manufacturing company, Valeo Foods to acquire Slovakian-based business, I.D.C Holding.
Valeo Foods manufactures and distributes food products, including confectionary
products and is indirectly solely controlled by funds managed by Bain Capital, a
global private equity investment firm based out of the US.
The company has a portfolio of over 50 international food brands which are sold across 90 countries globally, including Rowse Honey, Odlums, Batchelors, Jacob’s, Dolciaria Balconi, and Kelkin.
I.D.C Holding manufactures and distributes confectionary products, in particular in the central and eastern Europe region (CEE).
The commission concluded that the transaction would not raise competition concerns, given its limited impact on competition in the markets where the companies are active. The notified transaction was examined under the normal merger review procedure by the commission.
Valeo future outlook
Valeo has described IDC Holding, which was first established in Slovakia over a century ago, as a “transformative addition” to the food group’s expanding portfolio.
“Producing a wide range of branded wafer, biscuit, sugar confectionary and seasonal chocolate products, I.D.C. Holding is a natural fit with Valeo Foods Group’s sweet snacking platform and would form the cornerstone for its operations in the fast-growing Eastern European market,” the company had said in a statement.
In 2023, I.D.C. Holding had net sales of almost €200 million and the company currently employs approximately 1,150 people.
Valeo further stated that I.D.C. Holding’s highly branded product portfolio is a “strong fit” for Valeo’s existing business and offers the opportunity for significant expansion of Valeo Foods Group.
This includes its CandyPlus operation in the Czech Republic, Balconi business in Italy, Schluckwerder business in Germany among other markets and products.
Chief executive officer of Valeo Foods Group, Ronald Kers said: “This is a transformative acquisition for Valeo Foods Group.
“The inclusion of I.D.C. Holding within Valeo Foods Group will enhance our industry position, drive further growth in our portfolio and international footprint and allow us to meet growing consumer demand in this segment.
“We are delighted that the team at I.D.C. Holding share our confidence and ambition to be the major sweet treats player in Europe.”
