Origin Enterprises has sold its 32% interest in Valeo Foods, which owns the Kelkin, Batchelors and Odlums brands.
The stake has been sold to CapVest Partners for a total cash consideration of €86.6m, which includes €44.1m for the settlement of a vendor loan relating to the company.
Valeo was formed by Origin and CapVest in September 2010 in order to merge the companies’ consumer foods interests.
In addition to Batchelors, Odlums and Kelkin, the company also owns Shamrock, Erin and Jacob’s food brands.
Origin said the proceeds from the sale would go towards reducing debt and ultimately investment in agri-services.
The company now focuses primarily on fertiliser and animal feed products through a number of subsidiaries.
Meanwhile Origin has also announced the acquisition of two Romanian-based agri-business companies in deals worth a combined €54.4m.
The company is to buy Redoxim for €35m and Comfert for €19.4m, subject to approval from the Romanian competition authority.
Both deals will be funded from existing bank facilities and are expected to complete towards the end of this year.
