The Slovak food group I.D.C. Holding, owned by financier Pavol Jakubec, has announced its sale to Ireland’s Valeo Foods Group, backed by the global investment giant Bain Capital.
“After 32 years of developing I.D.C. Holding from a local, traditional confectionary business into a major regional player in the category, it’s the right time for a new chapter in this company’s development,” said Jakubec.
The deal, signed in early August, will see Valeo acquire 100% of I.D.C. Holding, the company behind some of Slovakia’s most beloved snacks, including the iconic Horalka and Mila wafers, which have been popular since the communist era.
I.D.C. Holding originated from the state-owned Pecivarne Sered, acquired in 1992 by Jakubec and his business partner Stefan Kassay for 400 million Slovak crowns in a competitive tender. A year later, they purchased the state-owned Figaro Trnava for 240 million crowns. Over the years, the pair invested heavily in the businesses, expanding production and resisting numerous offers from foreign investors.
Despite continuous interest from abroad, Jakubec and Kassay remained confident in their company’s potential, preferring to invest in the future of the business. This strategy paid off, with I.D.C. Holding reporting record sales of over EUR 163 million in 2022 and a post-tax profit of EUR 16.4 million.
Valeo Foods, headquartered in Dublin, is a major player in the European food industry, boasting annual revenues of EUR 1.5 billion and a portfolio of more than 80 brands, including Rowse Honey, Balconi, Barrat, Carstens, Poppets and Jacob’s. With the acquisition of I.D.C. Holding and its Sedita, Figaro and Verbena brands, Valeo aims to strengthen its presence in Central and Eastern Europe and enhance its confectionery segment.
“This is a transformative acquisition for Valeo Foods Group,” said Chief Executive Officer of the Valeo Foods Group, Ronald Kers.
While Valeo already operates small production facilities in the region, including a plant in the Czech Republic acquired through its purchase of Pedro Candy Plus, this deal marks a significant step toward expanding its footprint in Eastern Europe. I.D.C. Holding’s factory in Sered, which annually produces 35,000 tons of goods, positions the company among the largest players in Central Europe.
The transaction, pending regulatory approval, is expected to be finalised until the end of the year.
Jakubec will retain ownership of two other Slovak enterprises: Vestenicke gumarne Vegum and Damian Jasna Hotel Resort & Residences. (The Slovak Spectator)