The acquisition included three production facilities in Lübeck and Adendorf that employ 480 people, bringing Valeo Foods’ total workforce to 4,500.
Following the purchase of Schluckwerder, revenues at Valeo’s European business unit would increase to an estimated €283m (£252.9m), the company claimed. Its UK business unit has revenues of more than €583m (£521m) with a further €319m (£285m) generated in Ireland.
Established in 1956, Schluckwerder produces the 175-year-old Lübecker marzipan brands Erasmi and Carstens, which are protected under the EU geographic designation status.
Schluckwerder also produces nougat, chocolate rings, fondant, crocant and praline treats, as well as own-label products for both national and international customers. More than 25% of its products are sold outside of Germany.
Commenting on the acquisition, Valeo group chief executive Seamus Kearney said: “Its purchase represents the continued realisation of our strategy of building a major international food business where we see further attractive opportunities for expansion.
‘First German acquisition’
“Schluckwerder is our first German acquisition and we expect to further grow our European business unit alongside our existing significant platforms in the UK and Ireland. Valeo Foods will continue to focus on targets in categories with stable demand characteristics where we can apply our team’s deep experience and expertise to drive sustainable growth.”
The purchase of Schluckwerder followed the completed acquisition of tortilla chip manufacturer It’s All Good in December 2020, joining its staple of snack brands – including Kettle Foods, Tangerine Confectionery and Big Bear Confectionery.