Kerry Group, a food ingredients, flavours and consumer foods group, is to buy Breeo, the Ireland-based consumer foods division of Reox Holdings, a 2006 spin-out from Dairygold’s consumer food, home improvement and property divisions.
Reports said that Kerry will pay approximately €170m (US$253m) for Breeo, which has a portfolio of brands including Dairygold, Galtee, Shaws and Mitchelstown. Kerry is understood to have increased its bid in order to see of competition from an unnamed private equity firm.
A deal is expected to be reached this week, although completion would require regulatory approval.
In December, Kerry Group bought CSM’s US unit QA products. Earlier in the year, it paid £124m for Noon Group, a London-based producer of Indian, Oriental, Thai and other Asian chilled ready meals.