BiaVest and Development Capital to acquire Nomadic Dairy for €29m
Employing 80 people in Killygordon, Co. Donegal, Nomadic Dairy is a premium branded yogurt manufacturer supplying multiple products across the UK and Republic of Ireland.
Nomadic Dairy has doubled unit sales every five years since 2010. The company has grown its revenues by more than 50% in the past four years, adding to its product range and expanding across the grocery, convenience and foodservice distribution channels. This has led to Nomadic Dairy becoming the number one yogurt brand in the UK (GB&NI) Convenience and Impulse channel.
A significant 80% of Nomadic Dairy’s revenues are currently generated in the British market with products listed by five of the top six UK grocery multiples and by most of the leading convenience and forecourt retailers. Nomadic Dairy products are stocked by retailers across the UK and Ireland.
The company created the ‘Yogurt Plus Oats’ snack category in 2000 and ongoing innovation in both the category and format means Nomadic captures more than 60% share and continues to lead the growth of the category across GB & Ireland. Recent innovations include Breakfast Bircher, a multipack versions of its Yogurt & Oat clusters product and new limited editions.
Nomadic Dairy currently has six yogurt-based product ranges, with more than 20 varieties and flavors. The company is led by managing director Alan Cunningham who, along with his team, are remaining with the business to work with the new owners.
Nomadic Dairy makes products 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 program.
The BiaVest (54%) and Development Capital (46%) co-investment partnership, along with Bank of Ireland bank funding, means future growth will be driven organically, with existing products and new product launches, as well as through value-enhancing acquisitions, the companies said.
As part of the investment, Hilliard Lombard (CEO, BiaVest), Warren Codd (CFO, BiaVest), and Andrew Bourg (partner, Development Capital), will join the board of Nomadic, with Stuart Mellon (Development Capital) joining the board as an observer.
Lombard 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.”
Bourg added, “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.”