Diversified support services group DCC has reached agreement to sell 80% of its food and beverage division for €60m.

Irish consumer foods group, Valeo Foods — which owns such brands as Odlums, Roma and Erin — is set to buy the Robert Roberts and Kelkin brands from DCC, depending on Competition Authority approval.

The two brands (Robert Roberts also includes the Findlater wine and spirits business) are being sold at more than eight times their combined operating profit.