Valeo Foods Group has agreed to sell its Irish shelf-stable food business, Valeo Foods Ireland, to an investor group led by Hilliard Lombard, the former CEO of the Irish operation.

Valeo Foods Ireland has been part of Valeo Foods Group for 16 years and has established a leading position in Ireland’s ambient food sector, supported by a portfolio of established food brands and customer relationships.

The sale forms part of Valeo Foods Group’s strategy to streamline its portfolio and increase its focus on becoming what it describes as a 'Sweet Treats Champion'.

In recent years, the group has invested across its Naturally Sweet, confectionery and sweet bakery platforms, including honey and maple syrup products. The company said the divestment would allow it to concentrate further resources and investment on these growth areas.

Under the new ownership, Valeo Foods Ireland will continue to operate independently, while maintaining a commercial relationship with Valeo Foods Group.

This will include the continued distribution of Valeo Foods Group’s international brand portfolio in Ireland following completion of the transaction.

Financial terms of the transaction have not been disclosed. Completion remains subject to customary regulatory approvals in Ireland