Ireland-based Nomadic Dairy to be acquired by BiaVest and Development Capital
BiaVest, a specialist food investment group, and Development Capital have agreed to jointly acquire Nomadic Dairy based in Ireland in a deal worth up to €29 million from Donegal Investment Group.
The consideration includes up to €6 million in contingent payment based on the FY 2022 financial performance of Nomadic Dairy.
BiaVest will acquire a stake of 54% in the Irish dairy company, while the remaining 46% stake will be acquired by Development Capital.
Backed by Irish and International investors, Development Capital is a €75m development and growth capital SME fund.
Andrew Bourg — Partner at Development Capital said: “Nomadic Dairy represents the ideal type of business and growth opportunity for Development Capital to back. Alan and the Nomadic team have consistently delivered strong growth in an attractive and growing market which has further exciting growth potential.
“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.”
Located in Donegal, Nomadic Dairy is a yogurt manufacturer, which has a workforce of 80. The dairy company supplies various products in the UK and Ireland.
Established in 1998, it developed the ‘Yogurt Plus Oats’ snack category in 2000.
Currently, Nomadic Dairy has half a dozen yogurt-based product ranges with more than 20 varieties and flavors.
Hilliard Lombard — BiaVest CEO said: “Nomadic Dairy is Donegal to its core but, like BiaVest, is international in its outlook. 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”.