Valeo Foods has expanded its footprint into North America by agreeing a deal to buy Canada-based maple syrup producer Les Industries Bernard & Fils.
The Bernard acquisition from Montreal-based private equity group Phoenix Partners builds its presence in the maple syrup category from its existing ownership of the Buckwud brand and marks its first acquisition in North America.
The Bernard family have been producing pure maple syrup in Canada since the 1800s as the company has become one of the world’s leading independent processors.
Bernard is an exclusive food partner to many of the world’s leading retailers, with products sold in more than 40 countries around the world, with its primary distribution in the US and Canada.
Valeo said it would look to leverage the group’s existing global supply chain and major food retailer relationships to accelerate Bernard’s international growth.
Quebec-based Bernard will continue to be led by the fifth generation of the family.
Since its formation in 2010, Valeo Foods, now owned by Bain Capital, has expanded rapidly in the UK, Ireland and Europe to create a major international food business that Bain bought for an estimated €1.7bn (£1.5bn).
The Bernard acquisition adds to its stable of ambient food brands, including Rowse honey, Kettle crisps and Jacob’s biscuits, now sold in 106 countries.
“Bernard is a great business, led by a very experienced and passionate team and its acquisition further enhances our growing portfolio of family-favourite food brands and products,” said Seamus Kearney, Valeo group CEO.
“We are delighted that the Bernard family will continue to retain very strong involvement in the running of the business. Valeo Foods is on a journey to becoming a leading global food business and we remain focused on growing our operations organically and through further acquisitions.”
Bernard family member Martin Bernard added: “We are delighted to be joining Valeo Foods and we look forward to partnering with our new owners who share our passion for food. Our people have unrivalled industry experience and expertise and coupled with our expanded processing facilities, we are very well positioned to move to the next exciting growth phase in our long and successful history.
“Today’s announcement is good news for our employees, farmer-growers, customers, consumers and the local communities in which we are based.”
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