Private equity firm CapVest Partners-backed Valeo Foods has announced the acquisition of UK-based tortilla chips producer It’s All Good (IAG).

based in Gateshead in north England, IAG was established by Calum Ryder in 2012, and currently owns the Manomasa chips brand and supplies its tortilla chips to some of the major supermarkets in the country.

In addition to tortilla chips, IAG’s portfolio includes flatbreads, popped chips and rice cakes.

Financial details of the deal have not been disclosed by both the companies.

Ryder said: “Valeo Foods is a great partner for our business. They understand the value of brands and have developed a formidable international growth platform that will significantly increase the future opportunities for our brands and our people.”

IAG will be part of Valeo’s snacks division and will be Valeo Foods seventeenth acquisition since its inception in 2010.

Valeo Foods Group CEO Seamus Kearney said: “The acquisition of IAG is consistent with our ambition of creating a global food business with an exceptional portfolio of leading food brands and products in attractive categories.

“We are very excited about the potential of IAG’s portfolio of private label and branded products and the opportunity to expand our presence in snacking, wher we already have fantastic brands and category leaders like Kettle crisps and Metcalfe’s popcorn.

“We want to remain at the forefront of consolidation in the ambient food sector in Europe and we will continue to seek out further exciting opportunities for growth.”

In September 2019, Valeo Foods agreed to acquire Campbell Soup’s European Chips business for a consideration of nearly £66m ($80m).

This acquisition included UK-based Kettle Foods and the Netherlands-based Yellow Chips.

Kettle Foods produces hand-cooked crisps, popcorn, rice snacks and vegetable-based chips.