Food investment specialist group BiaVest has partnered with Development Capital to acquire Nomadic Dairy from Donegal Investment Group for an upfront consideration of €23 million ($26 million) and €6 million ($7 million) as a deferred consideration contingent on financial performance next year.
Nomadic Dairy has a portfolio of six yoghurt-based products with more than 20 varieties and flavours made with locally sourced Irish farm milk. The company supplies its dairy products across the UK and Ireland
The BiaVest and Development Capital co-investment partnership, along with Bank of Ireland funding, positions Nomadic Dairy to build on strong growth achieved over the past twenty years, the companies said.
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. We are looking forward to working with Alan and the Nomadic Dairy team to drive the next stage of growth for this outstanding business”.
Source: The Irish Times