Dublin-based food group Valeo Foods is up for sale, according to reports. Sky News is reporting that CapVest, the private equity firm backed by businessman Seamus Fitzpatrick, has appointed Goldman Sachs to oversee the sale of the company, in what is likely to be a multi-billion euro deal. A price tag in the region of €1.7bn is being speculated.

First established in 2010, Valeo Foods has grown through acquisition to become one of the largest branded food companies in Europe.

Employing over 4,000 people across the group, Valeo owns a stable of consumer food brands, including Batchelors, Odlums, Chef, Kelkin, Robert Roberts, Roma, Fruitfield, Rowse honey and the Italian brand Balconi. The company also owns a number of confectionary brands, like Refreshers, Dip-Dab and Foxes mints.

The latest accounts for Valeo Foods show the group’s sales are fast approaching the €1bn mark. Recent acquisitions are likely to have pushed the company over that threshold.

For the 12 months to the end of March 2020, Valeo recorded sales of just under €943m, which was up 19% on the previous year.

The business made underlying operating profits of €64.2m for the year, while operating profit margins for Valeo are quite healthy at just under 7%. The group has net debts of just under €790m, while net assets stood at just over €1.4bn at year-end.