The Irish-based Valeo Foods - which owns brands such as Jacob's, Batchelors, and Kelkin, has acquired IAG (It's All Good), a producer of tortilla snacks in the UK.

IAG has an annual turnover of approximately £37 million.

Since its formation in 2010, Valeo Foods, a portfolio company of CapVest Partners LLP, has expanded rapidly.

IAG marks its 17th acquisition, creating a major international food business across the UK, Ireland and Continental Europe, generating annual revenues of over €1 billion.

The Group’s products are sold in over 106 countries around the world, with the UK Valeo Foods’ biggest market, accounting for just over half of current revenues.

Commenting on the transaction, Seamus Kearney, Group CEO, Valeo Foods, said the acquisition of IAG is consistent with their ambition of creating a global food business with an exceptional portfolio of leading food brands and products.

"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," he said.

Commenting on behalf of IAG, Calum Ryder said that Valeo Foods is a great partner for their 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.

"I look forward to working with the Valeo Foods team to ensure a seamless transition for our customers and our people," he said.