Origin Enterprises in €87m Valeo Foods exit

Agri-services group Origin Enterprises has stepped up its non-core asset disposal programme by selling its 32% stake in leading consumer foods group, Valeo Foods, for a cash consideration of nearly €87m.

Valeo — which owns a number of well-known Irish brands such as Odlums, Chef, Shamrock, Roma, Robert Roberts and Kelkin — was established in 2010, via the merger of Origin’s consumer foods arm and Batchelors, which was owned by Irish-founded/London-based private equity house, CapVest Partners.

Origin has now sold its holding to CapVest for €86.6m. That consideration comprises €42.5m for Origin’s equity stake, plus €44.1m (including interest) on a vendor loan note that had been provided by Origin.