Peak Rock Capital unwraps deal with Halo

An affiliate of private equity firm Peak Rock Capital has acquired UK-based snack manufacturer Halo Foods.

No financial details were announced.

As a result of the deal, Peak Rock will add another company to its food and beverage portfolio, which already includes the likes of Turkey Hill, Pretzels, Natural American Foods and Louisiana Fish Fry.

Based in Newport, Wales, Halo makes a range of healthy bars and snacks for national retailers and international brands.

Its offerings include cereal and fruit and nut bars, as well as gluten-free, high protein and nutritionally controlled products.

Formed in 1980, the group has around 500 employees on its books.

The target’s Skinny brand includes a range of low-calorie snack bars, which can be found in supermarkets and retail outlets across the UK.

Alex Dabbous, managing director of Peak Rock Capital Europe, said: “Halo represents an exciting opportunity for us to invest in a leading provider within the growing European snacking space.

“We are excited to partner with the company’s talented management team to grow this platform through opportunities such as expanded distribution, product innovation, investments in the Company’s operational capabilities and add-on acquisitions.”

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Halo’s chief executive, John Tague, said the transaction and Peak Rock’s experience in the food and beverage segment will help the business accelerate its growth trajectory.

Following the deal, the buyer will continue to pursue additional platform investments within the snacking industry in Europe and North America, as well as add-on acquisitions to drive its performance and growth.

According to Zephyr, the M&A database published by Bureau van Dijk, there have been 43 deals targeting snack food manufacturers announced globally in 2020 to date.

China-based Chacha Food announced plans to issue convertible bonds worth CNY 1.34 billion (USD 197.97 million) in the largest of these.

Other companies targeted in this sector include Mondelez International, Ingino and Outstanding Foods.

© Zephus Ltd

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