Bain Capital, a global private investment firm has acquired Dublin-based Valeo Foods, which owns brands such as Jacob's and Batchelors.
Since its formation in 2010, Valeo Foods, a portfolio company of CapVest, has expanded rapidly.
CapVest has grown Valeo Foods from an Irish-only business with less than €200 million in sales, to a food group with over €1.1 billion in net sales in 106 markets around the world.
It currently produces more than 400,000 tonnes annually across its 24 manufacturing facilities, and employs more than 4,000 people.
Seamus Kearney, Group CEO of Valeo Foods will continue to lead the business with the existing management team.
Mr Kearney said they are looking forward to working with the Bain Capital team to further expand the business.
"Bain Capital's deep knowledge and heritage in innovation and investment in the food and grocery sectors means this is great news for our business and our people," he said.
Nigel Walder, a Managing Director at Bain Capital Private Equity, said Valeo Foods has been developed into a key player in the European food industry.
"We believe Valeo has further potential to grow significantly, both organically and through acquisitions, and look forward to partnering with Seamus and his team to accelerate that growth trajectory and further consolidate the Company's position as a leading international food business," he said.
The transaction remains subject to approvals by competent regulatory authorities.
