Kerry Group plc has agreed to acquire Breeo Foods, a subsidiary of Ireland’s Reox Holdings plc.

Kerry Group plc has agreed to acquire Breeo Foods, a subsidiary of Ireland’s Reox Holdings plc.

The proposed €165 million (£126 million) acquisition, including a portfolio of dairy and meat product brands, comprising Dairygold, Galtee, Shaws, Roscrea, Mitchelstown, Calvita and Sno, is expected to complement Kerry Foods’ chilled foods offering in the Irish market. Kerry’s distribution network will also receive a boost with the integration of Breeo Foods’ chilled foods distribution service.

On a proforma basis per the last reported accounts, Breeo had revenue of €188.5 million (£144.4 million), gross assets before liabilities of €58.5million (£44.8 million) and EBITDA of €15.1 million (£11.6 million) after adjustments for exceptional items, interest and depreciation.

Kerry Group’s existing portfolio includes household brands Wall’s, Golden Vale, Richmond, Homepride Flour, and Kerrymaid.