Irish food investment group buys Germany's Munsterland
It has been acquired by Ireland-based Kerga.
Kerga is jointly owned by BiaVest and Development Capital, an Irish growth capital fund supporting scaling Irish companies
BiaVest is headed by co-founders Hilliard Lombard and David McKernan. Development Capital was founded by Andrew Bourg and Sinéad Heaney.
This acquisition is another major step forward in executing Kerga's European growth strategy
In 2023, BiaVest also acquired the leading German pasta manufacturer Riesa Nudeln.
Kerga said it sees significant growth potential with Munsterland across both existing and new customers and markets.
'This acquisition is another major step forward in executing Kerga's European growth strategy,' said Kerga chief executive Alan Cunningham.
'We have a clear roadmap for further acquisitions and are focused on building a portfolio of premium brands and manufacturing assets in high-growth categories,' he added.
Kerga added that the acquisition complements its investment in Nomadic Foods and further strengthens its overall manufacturing and market access infrastructure.
Based in Co Donegal, Nomadic Foods makes a range of yoghurts and yoghurt-based drinks. Kerga said the food firm is delivering strong growth in the UK and Irish markets and that a key strategy for Nomadic is to expand internationally.
Mr Cunningham is also the co-founder and CEO of Nomadic Foods. He previously held roles with companies including Donegal Investment Group and Kerry Group.
Mr Lombard, the chairperson of Kerga, said that following the acquisition of Munsterland, the Irish food group expects to sell more than 100 million units of product across Europe next year.
He added that Kerga continues to hunt for acquisitions.
'Our acquisition strategy targets businesses with proven revenues of €20m-plus, strong track records, and clear scope for innovation and market expansion,' he said.
Kerga generated revenue of €30m in 2023, which compared to €27.7m the previous year. It posted a pre-tax profit of €2.1m in 2023, which was up from the €1.5m it made in 2022.
The 2023 accounts primarily reflected Kerga's investment in Nomadic Foods.
Of its revenue that year, €25.9m was generated in the UK, €4m in Ireland and €99,000 in other European markets.
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