Novum Capital sells marzipan producer Schluckwerder to Irish food company Valeo Foods

11 January 2021

Novum Capital sells its portfolio company Schluckwerder to Dublin, Ireland-based food business Valeo Foods. The Schluckwerder Group, based in Adendorf near Lüneburg, includes Lübecker marzipan brand Erasmi & Carstens, founded in 1845. Schluckwerder is the leading manufacturer of marzipan, nougat, and chocolate specialities for the German retail industry.

Record result despite economic crisis

In December 2018, Novum Capital had successfully implemented a succession solution for the former owner of the company by taking over the Schluckwerder Group – and has contributed to the significant further development of the traditional company since then. The robustness of the business model was also demonstrated in the Corona crisis year 2020. Thanks to the dedication of its employees, the Schluckwerder Group was able to further expand its strong position as a seasonal confectionery supplier for the food retail sector and report record sales.

Convincing new top management

The new top management team appointed by Novum Capital, consisting of Gérard Rog (CEO), Jochen Rock (COO), and Marc Dieck (CFO), played a significant role in the record result. In a very short time, this management team has introduced a series of targeted, immediately effective further advancements – from various process optimisations to more customer-specific product offerings and new marketing initiatives.

Growth strategy continues

The successful management team will remain on board after the acquisition of Schluckwerder by Valeo Foods. Novum Capital Partner Felix Homann says: “We are very pleased about this because it ensures continuity. And Valeo Foods will be a reliable shareholder.” Schluckwerder CEO Gérard Rog adds: “We are delighted to have a new shareholder in Valeo Foods who shares our view of the strengths and potential of our company and supports our growth strategy.” Seamus Kearney, Group CEO of Valeo Foods, is also looking forward to the joint future: “Schluckwerder is a great company and is our first acquisition in Germany. The purchase represents the continued realisation of our strategy of building a major international food business.”

Valeo Foods was formed in 2010 through the merger of Irish food manufacturer Batchelors with Origin Foods, then the food division of Irish agricultural group Origin Enterprises. Valeo Foods is owned – also since 2010 – by London-based private equity firm CapVest Partners. Valeo Foods is already making its 18th acquisition with the Schluckwerder Group, bringing Valeo Foods’ total annual sales to 1.2 billion euros.

Novum Capital received M&A and debt advisory support for the transaction from Network Corporate Finance, legal advice from the law firm Kümmerlein, and tax advice from Taxess. The transaction is subject to the approval of the competition authorities.

Find out more about Schluckwerder and Erasmi & Carstens here.

Find out more about Valeo Foods and CapVest Partners here.

Click here for more information on Novum Capital’s portfolio.

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