Own-label crisps manufacturer Europe Snacks, which owns Kolak Snack Foods and the upmarket Burts brand in the UK, is close to changing hands after its current private equity owner kicked off a sale process earlier this year, The Grocer has learned.
An acquisition by New York-headquartered One Rock Capital Partners is expected to complete in the coming weeks, according to sources in the City.
Financial details surrounding the deal remain unclear, but it is understood One Rock has seen off competition from TowerBrook Capital Partners in a process run by investment bank Lazard.
Established in 1991, France-headquartered Europe Snacks has been owned by British PE firm Apax since a 2013 buyout from IK Investment Partners. Today, it employs more than 2,000 staff and generates annual turnover of about €400m (£336m).
The own-label group first entered the UK in 2016 when it merged with London-headquartered co-packer Kolak, one of the main snacks suppliers for the discounters. The business also has a significant presence in Spain following the acquisition of Grupo Ibersnacks in 2018.
Europe Snacks broadened into branded last year when it snapped up premium snacks maker Burts.
One dealmaker said there had been a lot of interest in buying Europe Snacks, but One Rock was determined to gain exposure to the food & drink market.
“One Rock ran really hard in the auction to buy Princes but lost out, ultimately, to Newlat,” he added. “It’s desperate to get into fmcg and Europe Snacks provides a strong platform to do just that as a pan-European manufacturer with mix of own-label and branded, as well as access to the UK with Burts.”
One Rock holds a few food-related assets in its portfolio in the ingredients and packaging spaces. It also owns BlueTriton, a carve-out from Nestlé specialising in spring and purified water brands in North America, including Poland Spring and Deer Park.
Europe Snacks, One Rock and Lazard could not be reached for comment.
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