Donegal-based Nomadic Dairy will be acquired by specialist food investment group BiaVest in partnership with Development Capital in a deal worth €29 million.
6 million euros of the total will be paid as deferred consideration, contingent on financial performance in the coming year.
Nomadic Dairy is part of the Donegal Investment Group, a premium branded yogurt manufacturer with 80 employees in Killygordon, Donegal.
They offer multiple products across the UK and Ireland, with the UK now accounting for 80% of the company’s revenue.
Their products are listed by five of the top six UK grocery stores and by most of the leading convenience and front yard retailers.
Since its founding in 1998, Nomadic has recorded significant year-over-year growth, doubling unit sales every five years since 2010.
The company has grown its revenue by more than 50% in the past four years, adding to its product range and expanding across its grocery, food service and distribution channels.
The partnership between BiaVest and Development Capital, which includes funding from the Bank of Ireland, puts the company in a position to build on the growth it has achieved over the past two decades.
“Nomadic Dairy is Donegal at its core, but, like BiaVest, it is global in its outlook,” said BiaVest CEO Hilliard Lombard.
“We invest alongside Development Capital and offer a shared passion for high-quality, nutritious food products, and the ambition to bring them to new markets and new consumers.”
“Nomadic Dairy represents the ideal type of business and growth opportunity for capital growth,” said Andrew Borg, Partner Development Capital.
« We are pleased to partner with them and BiaVest and look forward to working with both parties to drive and launch Nomadic Dairy’s growth ambition. »
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