Leicester sweet-maker sold in £88m deal

Big Bear Confectionery, the Leicester-based manufacturer of Fox’s Glacier Mints, has been sold in a deal worth £88m.

Raiso, which owned Braunstone-based Big Bear, has sold its confenctionery business to Irish-base Valeo Foods.

Raiso president and chief executive Pekka Kuusniemi said: “The divestment of the confectionery business is an important strategic step for Raisio on its path towards a responsibly operating forerunner focusing on healthy foods. Together with our already strong balance sheet, the proceeds from the deal allow extensive acquisitions that strategically fit our core business.”

Raiso had six production plants in the UK and Czech Republic manufacturing brands such as Poppets, Fox’s, XXX, Just and Pedro.

All 1,000 employees will join Valeo, which has annual sales of £616m.

Valeo Foods’ chief executive Seamus Kearney said: “This transaction is consistent with Valeo Foods’ strategic focus and we are very excited about the opportunities to expand and grow these businesses through a combination of significant new capital and brand investment.”