Origin Enterprises Offloads Valeo Foods Stake
Agri-services group Origin Enterprises has sold its 32 per cent interest in Valeo Foods.
Valeo is the Dublin-based consumer group which owns the Kelkin, Batchelors and Odlums brands.
Origin said it had disposed of its stake for a cash payment of €86.6m to the London-based private equity firm CapVest.
Origin and CapVest jointly established Valeo Foods in 2010 through the merger of leading food companies Batchelors and Origin Foods, bringing together a number of leading food brands.
According to reports, CapVest will pay €42.5m for Origin’s 32 per cent shareholding with a further €44.1m for the settlement of a vendor loan note issued by Origin at the time of the formation of Valeo.