The London-listed Princes Group is understood to be assessing a potential acquisition of the Irish operations of Valeo Foods, the food conglomerate that owns Jacob’s crackers and Batchelors soups.
The FTSE 250 group, which floated on the London Stock Exchange last year, has set out a clear strategy to pursue bolt-on acquisitions. Its portfolio includes Princes tuna, Branston pickle, Napolina pasta and Symington’s brands such as Naked noodles, Chicken Tonight sauces and Mug Shot meals.
Valeo Foods was acquired by private equity firm Bain Capital in 2021 and operates across Ireland, the UK, Europe and Canada. Its Irish division, which includes well-known ambient food brands such as Jacob’s and Batchelors, is thought to account for around a fifth of the group’s total sales.
Advisers from Houlihan Lokey have been running a sales process for the Irish business for several months, sounding out interest from trade and financial buyers.
While it remains unclear whether Princes will submit a formal bid, the process is understood to be progressing in a sector where consolidation and brand-led acquisitions are common.
Princes has a market capitalisation of around £1.1bn and was spun out of an Italian parent company, making its IPO one of the few new listings on the London market last year.
Valeo Foods Ireland employs around 600 people across seven sites. Both Princes and Bain Capital declined to comment.