Specialist food investor BiaVest has partnered with Development Capital to acquire Nomadic Dairy from Donegal Investment Group in a €29 million deal.
BiaVest will take a 54% stake in the company, while Development Capital will take a 46% stake.
The purchase price consists of an upfront consideration of €23 million and an up to €6 million deferred consideration contingent on FY 2022 financial performance.
Donegal-based Nomadic Dairy is a yogurt manufacturer and supplies multiple products across the UK and the Republic of Ireland. The “on-the-go” healthy food company currently has six yogurt-based product ranges.
Hilliard Lombard, BiaVest’s CEO, said: “We’re investing alongside Development Capital and bringing a shared passion for high-quality, nutritious food products and the ambition to bring them to new markets and new consumers. We are looking forward to working with Alan and the Nomadic Dairy team to drive the next stage of growth for this outstanding business.”
The co-investment partnership will aim to drive Nomadic Dairy’s growth, with existing products and new product launches, as well as through value-enhancing acquisitions.
© FoodBev Media Ltd 2021
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