Donegal’s Nomadic Dairy is a fast-growing, premium-branded yogurt manufacturer.
Specialist food investment group BiaVest has joined forces with Development Capital to acquire Donegal-based yoghurt brand Nomadic Dairy.
The deal involves an upfront consideration of €23m and up to €6m contingent on 2022 financial year targets being met.
“Nomadic Dairy is Donegal to its core but, like BiaVest, is international in its outlook”
Employing 80 people in Killygordon, Co. Donegal, Nomadic Dairy is a fast-growing, premium branded yogurt manufacturer. It supplies multiple products across the UK and Republic of Ireland.
Nomadic Dairy is one of the UK’s fastest-growing, innovative “on-the-go” healthy food brands and has experienced significant year-on-year growth since the company was established in 1998 – doubling unit sales every five years since 2010.
The company has grown its revenues by over 50pc in the past four years, adding to its product range and expanding across the grocery, convenience and foodservice distribution channels.
“Nomadic Dairy is Donegal to its core but, like BiaVest, is international in its outlook,” said BiaVest CEO Hilliard Lombard. “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 BiaVest (54pc) and Development Capital (46pc) co-investment partnership, along with Bank of Ireland bank funding, positions Nomadic Dairy to build on its strong growth to date and will also enable the company to leverage the experience, support and reach of both investors to accelerate its plans for further growth. Future growth will be driven both organically, with existing products and new product launches, as well as through value-enhancing acquisitions.
“Nomadic Dairy represents the ideal type of business and growth opportunity for Development Capital to back,” said Andrew Bourg, partner at Development Capital.
“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.”
Nomadic Dairy is a community-based, sustainable foods business with products made using locally sourced Irish farm milk and recyclable, biodegradable packaging (including a small wooden spoon as part of the brand’s “on-the-go” products). All products are certified by Bord Bia’s Origin Green sustainability programme.
“Bank of Ireland Corporate Banking warmly congratulates BiaVest and Development Capital on the acquisition of Nomadic Dairy,” said Michael Lauhoff, managing director of Bank of Ireland Corporate Banking.
“We are delighted to welcome Nomadic Dairy as a new customer and are very impressed at the strong and growing business the Nomadic Dairy team have built in Donegal. We look forward to supporting Nomadic Dairy in its next phase of growth and to strengthening our relationship with BiaVest and Development Capital. We wish them all every success in the future as they embark on this exciting new partnership.”