BiaVest acquires leading German food company, Riesa Nudeln 

Riesa Nudeln and BiaVest
  • €40 million revenue pasta business is BiaVest’s first continental Europe acquisition;
  • Deal represents BiaVest’s fourth investment in two years;

BiaVest, the Irish-based specialist food investment group, today announced that it has acquired an 80% stake in leading German-based pasta company, Riesa Nudeln. Riesa Nudeln, with annual revenues exceeding €40 million, employs 150 people and operates a well invested manufacturing facility from its base in the town of Riesa in Saxony, Germany. It also has a pasta museum, restaurant, and shop, known as the Riesa Nudelcenter – at it’s manufacturing facility in Riesa, which sees over 200,000 visitors a year.

BiaVest was founded in 2021 by experienced food sector specialists, Hilliard Lombard and David McKernan. The deal is BiaVest’s first continental Europe acquisition and becomes its fourth investment in just two years. Riesa Nudeln joins leading UK and Irish convenience snacking brand Nomadic, leading fresh Donut brand Offbeat Donuts and award-winning ‘better for you’ food brand Nobó in the BiaVest portfolio.

The Riesa brand has a strong retail presence across key German retailers, including ALDI, Lidl, Edeka, Rewe, Kaufland, Penny and Netto. It has an annual production capacity of 25,000 tonnes of pasta with the current investment programme set to double its output to 50,000 tonnes, using durum wheat sourced locally through strong local partnerships with farmers and mills.

As part of its growth strategy, Riesa is currently completing a €4 million new production line for specialised pasta, spätzle. This investment will further enhance capacity and facilitate expansion into new markets, generating an estimated €15 million in additional annual revenues. It also has a strong online platform presence.

Under the terms of the deal, BiaVest’s Co-Founder, Hilliard Lombard and Chief Financial Officer, Warren Codd will join the Riesa Nudeln board contributing their expertise to enhance the company’s strategic direction and growth. Andre Freidler and Olivier Freidler, experienced leaders from the German food industry, will continue to be involved in Riesa on an advisory capacity and as a 20% strategic shareholder, underpinning the partnership between Biavest and the Freidler family to continue to drive the growth of Riesa, both organically and through further acquisitions, to develop a leading ambient food branded business in Germany and continental Europe.

The Freidler brothers will continue to operate and own their own leading food businesses, ALB-GOLD and Spaichinger Nudelmacher, based in Swabia, Germany and, Al Dente based in Detroit USA.

Riesa Nudeln will continue to be led by Chief Executive, Mike Hennig who leads a great team of food professionals at Riesa.

Hilliard Lombard, co-Founder, BiaVest said:
“Riesa is a brand with a respected heritage and proven provenance in Germany. Its track record of success is striking, as is its growth potential. The team has exciting plans to continue to expand and develop the business. We look forward to supporting this next phase and to working alongside Mike Hennig and his team and with our strategic partners – André and Oliver Freidler.
“Riesa is a milestone moment for BiaVest, representing our first continental Europe acquisition. We are passionate about the food sector, believe in the founders and brands we invest in, and back them in achieving their growth ambitions. Biavest believe the Freidler family are the right partners for Biavest sharing strong values and complementary growth ambitions.

André Freidler, Riesa Nudeln said:
“In BiaVest, we have found a capital-strong partner with a great deal of expertise to drive the brand business forward while at the same time leveraging the site’s existing potential. These considerations were very important to us in our choice of partner, and we are pleased to be able to continue to accompany the company’s development in partnership with BiaVest.”

BiaVest & Development Capital to acquire Nomadic Dairy from Donegal Investment Group plc

Nomadic Logo Go Your Own Way
  • Total deal value of €29m
  • BiaVest will take a 54% stake and Development Capital 46%
  • Donegal-based Nomadic Dairy is the number one yogurt brand in the UK (GB&NI) Convenience and Impulse channel

Specialist food investment group BiaVest has partnered with Development Capital to acquire Donegal-based Nomadic Dairy (‘the Company’) from Donegal Investment Group plc for an upfront consideration of €23 million and up to €6 million deferred consideration contingent on FY 2022 financial performance.

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 50% in the past four years, adding to its product range and expanding across the grocery, convenience and foodservice distribution channels. This consistent growth has resulted in 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 that Nomadic still captures over 60% share and continues to lead the growth of this exciting category across GB & Ireland. Recent innovations such as Breakfast Bircher, a multipack versions of its category leading Yogurt & Oat clusters product and new Limited Editions and consumer facing on pack Promotions from Jan 22 have favourably positioned the company for further growth.

Nomadic Dairy currently has six yogurt-based product ranges, all focused on serving the needs of busy people whether at home or on the move, with over 20 varieties and flavours to choose from. The Company is led by Managing Director Alan Cunningham. Alan and his team are remaining with the business to work with the new owners to lead and drive the next stage of Nomadic Dairy’s development.

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.

The BiaVest (54%) and Development Capital (46%) 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.

BiaVest is a dedicated food-focused investment fund founded by two highly experienced senior food Executives, Hilliard Lombard and David McKernan. BiaVest is Ireland’s first food-focused private investment fund and has access to a deep pool of private capital. BiaVest will assist Nomadic Dairy achieve its growth by leveraging their operational experience in the food sector and extensive contacts in the food industry across Ireland, the UK and Europe.  As part of the investment Hilliard Lombard (CEO, BiaVest) and Warren Codd (CFO, BiaVest) will join the Board of Nomadic.

Development Capital is a €75m development and growth capital SME fund backed by Irish and International investors established in 2013 by Andrew Bourg and Sinead Heaney.  It invests between €2m – €12m in established and export focussed SME’s.  This investment is the second investment from its successor fund and brings the total number of investments made by Development Capital to date to 11. As part of the investment, Andrew Bourg (Development Capital) will join the Board of Nomadic and Stuart Mellon (Development Capital) will join the Board as an observer.

BiaVest CEO Hilliard 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”.

Andrew Bourg, Partner 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.”

Michael Lauhoff, MD Bank of Ireland Corporate Banking said:

“Bank of Ireland Corporate Banking warmly congratulates BiaVest and Development Capital on the acquisition of Nomadic Dairy. 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.”

Professional Advisors

Professional and due diligence advisors to the co-investment buyers, BiaVest and Development Capital, include: Anglesea Corporate Finance (Financial Advice and Equity Funding for BiaVest), Bay Advisory (Corporate Finance – Financial Diligence & Bank Debt), Flynn O’Driscoll (Legal), ET Optimo (Technical), KPMG (Tax) and EY Parthenon (Commercial).

 Professional advisors to Donegal Investment Group include: Eversheds Sutherland and KPMG.

Professional advisors to Bank of Ireland: McCann Fitzgerald LLP (Legal).

Offbeat Donuts embarks on international expansion with investment from BiaVest

David McKernan and Hilliard Lombard of BiaVest in background, and Sandra O’Casey and Brian O’Casey of Offbeat Donuts.

Well-loved Irish food brand Offbeat Donuts has partnered with Ireland’s only food-focused investment vehicle BiaVest to support an ambitious growth plan.

With the investment from BiaVest and its co-strategic investor Noel Smith – managing director of Fresh the Good Food Market –  founders Brian and Sandra O’Casey plan to open stores outside Dublin for the first time and are looking to expand internationally to the UK, USA and Middle East.

Offbeats Donuts started in 2016 in Brian and Sandra’s family home. Their mission was to revive the traditional Irish bakery and ‘to make donuts magic’. Offbeat has continued to expand, despite the difficult backdrop for retail during the pandemic, with its most recent store opening at the Blanchardstown Centre in December 2020.

BiaVest was formed by two of Ireland’s leading food executives, Hilliard Lombard and David McKernan. The pair have accumulated more than fifty years’ combined experience, knowledge, and industry success in Ireland and across Europe in the food sector. BiaVest is committed to partnering with high-quality and innovative food brands such as Offbeat Donut,

Brian O’Casey, co-founder, Offbeat Donuts, said:

“I had spent 25 years working in the food and bakery sector in product development and marketing, Sandra in retail and IT. We always had a dream of starting our own business and Offbeat Donuts has been the realisation of that dream. We are very proud of what we have created and delighted with the consumers response. We see this partnership with BiaVest as the next chapter of the Offbeat Donuts story. With BiaVest support we now look forward to opening more stores in both Ireland and internationally to bring our unique, ultra-fresh donuts to a larger audience.”

Hilliard Lombard, CEO of BiaVest said:

“Offbeat represent the best in innovative Irish food brands and is led by two ambitious and passionate founders. We’re looking forward to partnering with them as they embark on an exciting new growth phase which will allow many more customers to experience the Offbeat magic!”.

David McKernan, executive director of Biavest said:

“The growth of Offbeat Donuts over the past five years has been truly impressive. Brianand Sandra have gone head-to-head with international competitors and always succeeded. The Offbeat brand is recognised as the super premium, fresh donut experience in the Irish Market. We’ve admired their progress from afar and couldn’t be happier to now be investing alongside them”.

BiaVest was advised on the investment by Brian McDonald and Rory Butler of Bay Advisory and Alan Ryan of Wallace Corporate Counsel.

Nobó prepares for healthy growth through partnership with strategic investor BiaVest

Hilliard Lombard of BiaVest, husband and wife team Rachel and Brian Nolan of Nobó, and David McKernan of BiaVest.

Award winning health food brand Nobó has partnered with Ireland’s only food-focused investment firm BiaVest to accelerate its growth into new products and new international markets.

Nobó came to life in the kitchen of husband and wife Brian Nolan and Rachel Nolan. Its multi-award winning dairy free ice-cream – made from just 4 simple, natural ingredients including coconut milk and avocado – was the first of its kind in the world. More recently, the pair have launched their own healthier take on milk chocolate, made with no refined sugar or dairy. Their unique, creamy vegan chocolate is now being sold across Ireland and Canada, and due to launch in mainland Europe this summer. 

With the investment from BiaVest Brian and Rachel will build on the success of Nobó’s ice-cream, chocolate and healthy, wholesome treats.

BiaVest was formed by two of Ireland’s leading food executives, Hilliard Lombard and David McKernan. The pair have accumulated more than fifty years’ combined experience, knowledge, and industry success in Ireland and across Europe in the food sector.

“We are delighted to partner with Irish investors who are committed to staying true to our ethos and values. David and Hilliard share our vision in becoming a global leader in health foods and this partnership will help make that a reality. The journey ahead will be rooted in more innovation, more channels and more countries but we will always stay true to our amazing, loyal customers and to working with ingredients of the highest quality.” Brian Nolan, Nobó

“Since we launched from our own kitchen in 2012 we’ve strived to not only create the purest treats possible but ones that taste absolutely delicious too. We’re very proud of how far we have come, and couldn’t be more excited about the next step of our journey with Biavest as we work together to realise our ambition and vision for Nobó” Rachel Nolan Nobó

Ireland’s first dedicated food investment company, BiaVest is committed to partnering with high-quality food brands such as Nobó to support them with both domestic and international growth, through strategic investment, marketing, and product development.

“BiaVest was born out of a passion for food and a desire to help outstanding food brands maximize their potential. We look forward to working with Brian, Rachel and the team and helping Nobó to grow both in Ireland and internationally.” Hilliard Lombard, CEO Biavest

“Nobó has created a range of delicious treats using healthy, simple ingredients and built a strong, loyal customer base. Rachel and Brian have created incredible, premium products and we share their vision for global success.” David McKernan, Executive Director Biavest