Kettle owner Valeo Foods has snapped up tortilla chips maker It’s All Good.
The deal, for an undisclosed sum, will see IAG – which employs 265 people at its HQ in Gateshead and produces the Manomasa tortilla chip brand as well as substantial own-label lines – join Valeo’s snacking division alongside Kettle.
IAG had “grown impressively since it was founded in 2012 by Calum Ryder, current MD, expanding its significant private-label and branded product range beyond its flagship tortilla snacks to include rice cakes, popped chips and flat breads”, said Valeo.
The supplier appointed advisors to secure a sale earlier in December, with a city source telling The Grocer at the time it was “run brilliantly and well invested, making the best product in the market” and had significant potential to scale up under a new owner.
It was “also in a good space within snacking as the product has healthier credentials compared to other tortilla brands such as Doritos”, they added.
Manomasa fared extremely well throughout the pandemic: retail sales of the brand were up almost a fifth (19.7%) to £5.2m in 2020 [Nielsen 52 w/e 5 September 2020].
The aquisition was “consistent with our ambition of creating a global food business with an exceptional portfolio of leading food brands and products in attractive categories”, added Valeo group CEO Seamus Kearney.
“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.”
It marks the 17th acquisition for Valeo since its launch in 2010. Valeo said as a result of this strategy, annual revenues had hit the €1bn mark this year.
“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,” said IAG’s Ryder.