Valeo is engaged in the production of branded and private-label food products, which includes brands such as Jacobs, Rowse, Kettle, Odlums, Barratt, and Balconi.

Valeo Foods Group CEO Seamus Kearney said: “This transaction is a very positive reflection of the quality of our business and all of our people.

“It is also testament to the passion and commitment CapVest, our management team and all of our colleagues have shown in continuously delivering best-in-class food products to our customers and consumers across our 106 markets.”

According to the deal, Kearney will continue to lead the business along with the existing management team.

Valeo operates 24 manufacturing facilities that produce more than 400,000tpa.

Bain Capital Private Equity managing director Nigel Walder said: “We believe Valeo has further potential to grow significantly, both organically and through acquisitions, and look forward to partnering with Seamus and his team to accelerate that growth trajectory and further consolidate the company’s position as a leading international food business.”

For this deal, Bain Capital Private Equity received financial advice from Credit Suisse and Houlihan Lokey, as well as legal advice from Weil Gotshal & Manges.

PricewaterhouseCoopers provided financial due diligence, tax and structuring services and OC&C offered commercial and strategy due diligence services. In addition, Alix Partners supplied operations and IT due diligence services to Bain Capital Private Equity.

Goldman Sachs offered financial advice to CapVest and Valeo Foods while legal advice was provided by Willkie Farr & Gallagher.

The financial details of the deal have not been disclosed.

Completion of the deal is subject to approvals by competent regulatory authorities.