Valeo Foods, in which Origin Enterprises holds a 32% shareholding, is to buy Balconi, an Italian cake and biscuit company. Valeo will acquire 100% of the business in a deal believed to be worth in the region of €200 to €250m.

Balconi is a €200m turnover business with sales in Italy, France, Germany, the UK and the US. Te company was founded by the Balconi family who retained a 20% shareholding up to now. The other 80% was owned by Clessidra, a private equity firm.

Valeo Foods, which had estimated sales in excess of €300m in 2013, has effectively doubled its turnover in the last year after a string of major acquisitions including Rowse, Kelkin and Robert Roberts.

Valeo continues to build its portfolio of brands across many key categories. This is in the context of a highly challenging and competitive grocery sector.

Valeo Foods was established in 2010 through the merger of leading food companies Batchelors and Origin Foods, and brought together a number of iconic food brands including Batchelors, Erin, Shamrock, Roma and Odlums, which has been milling flour in Ireland for over 160 years.