Company of the Month December 2020: Revenues at Valeo Foods soar during lockdown

Pictured: Valeo Group CEO Seamus Kearney

The Business & Finance Company of the Month for December 2020 is Valeo Foods

Valeo Foods is the Business & Finance Company of the Month for December 2020. The Irish food company, who owns Jacobs biscuits and Batchelors beans, posted revenues of more than €942 million in 2020. Valeo made two acquisitions in its financial year last year, which ran until the end of March 2020. If those deals had been completed at the beginning of this financial year, then the group is close to breaking €1 billion in sales in 2021.

Valeo was formed in 2010 and has acquired 17 other businesses in that time, from Balconi – a biscuit-making company – to the European arm of Kettle crisps. Seamus Kearney, a former Aer Lingus executive, runs Valeo, which is headquartered in Dublin. He is backed by Cavan dealmaker Seamus Fitzpatrick through Capvest, a private equity group.

Valeo’s directors say the COVID-19 pandemic has affected trade with hospitality, but has also resulted in a positive impact on sales of pasta, honey, flour and canned goods, as consumers are more likely to make food at home during lockdown.

The company supplies most of the major grocery retailers. According to their accounts, their largest customer, likely to be a major supermarket chain, accounts for more than 10 per cent of its turnover. Its top three combined account for almost a quarter of sales.

Valeo has also expanded heavily into sweets and confectionery, including Dip Dabs and Fruit Salads.