East Donegal-based Nomadic Dairy is to be acquired in a deal worth up to €29 million.
Part of the Donegal Investment Group, Nomadic is a premium branded yogurt manufacturer which employs 80 people at Crossroads, Killygordon.
It is being acquired by the specialist food investment group BiaVest in partnership with Development Capital.
It is being reported that €6 million of the total price will be paid as a deferred consideration contingent on financial performance next year.
Nomadic supplies multiple products across the UK and Ireland, with the UK now accounting for 80% of the company’s revenue.
Its products are listed by five of the top six UK grocery multiples and by most of the leading convenience and forecourt retailers.
Since it was founded in 1998, Nomadic has recorded significant year-on-year growth, doubling unit sales every five years since 2010.
The company has grown its revenues by over 50% in the past four years, adding to its product range and expanding across the grocery, convenience and food service distribution channels.
Nomadic is led by managing director, Alan Cunningham, who will remain with the business alongside his team to work with the new owners on the next stage of the dairy’s development.
The partnership of BiaVest and Development Capital, which includes funding from Bank of Ireland, positions the company to build on the growth it has achieved over the past two decades.
“Nomadic Dairy is Donegal to its core but, like BiaVest, is international in its outlook,” BiaVest CEO Hilliard Lombard 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.”
“Nomadic Dairy represents the ideal type of business and growth opportunity for Development Capital to back,” Andrew Bourg, Partner Development Capital said.
“We are delighted to have partnered with both them and BiaVest and we are looking forward to working with both parties to drive and unlock Nomadic Dairy’s growth ambition.”
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