Findlaters to be sold to Valeo in package deal

Findlater Wine & Spirits Group is to be sold to leading Irish foods group Valeo Foods by parent company DCC plc as part of a €60 million deal that includes Robert Roberts and Kelkin.

DCC, the international sales, marketing, distribution and business support services group, “expects to realise a modest gain on disposal over the carrying value including goodwill”.

Robert Roberts is a leading supplier of own-brand and agency-branded food and beverage products in the indulgence categories while Kelkin is a leading supplier of ambient healthy foods, beverages, fine foods and vitamins, minerals and supplements. Both Robert Roberts and Kelkin operate principally in the Irish market. In the year ended 31st March 2014 the businesses generated combined revenues of €120 million and had a combined operating profit of €7.3 million representing approximately 80% of the operating profit of DCC’s food & beverage division.

DCC’s food & beverage division represented 3.7% of DCC’s operating profit. The acquisition also gives Valeo entry into the wine & spirits category for the first time.

“This is a very positive development for Findlater Wine & Spirit Group” believes Michael Foley, Marketing Director for FW&SG, “as we seek out opportunities for further growth”.

The disposal is conditional on clearance from the Irish Competition Authority.