Skip to Main Content

Disposal Of Nomadic Dairy Ltd



Donegal Investment Group (DIG) announces today that it has completed the disposal of its 80 per cent owned subsidiary, Nomadic Dairy Limited (Nomadic).  Nomadic has been acquired by a company owned and controlled by BiaVest Limited and Development Capital.  Biavest Limited is an Irish based specialist food investor and Development Capital is an Irish based development and growth capital fund manager.


Nomadic comprises the original Ennis Foods business in which DIG acquired a 100 per cent interest in 2005.  In 2011 and 2013 Nomadic, then known as the The Different Dairy Company, acquired Biogreen Foods Limited. In September 2015, The Different Dairy Company, now owning Biogreen Foods Limited, changed its name to, and rebranded all its business and products under, the NOMADIC brand.  The 20 per cent of Nomadic not owned by DIG is held by Mr. Nir Sapir, founder and former majority shareholder of Biogreen Foods Limited. 


Nomadic produces a range of dairy based products at its plant in Killygordon, Co. Donegal, including yogurts, yogurt & oat cluster pots, kefir and breakfast bircher and smoothies.  Its products are sold to retailers and other customers in the UK and Ireland and NOMADIC is the number 1 yogurt brand in the UK (GB&NI) in the Convenience and Impulse channel.  In the year ended 31 August 2020 Nomadic had Profit Before Tax of €1.2m.  The carrying value of Nomadic in DIG’s annual report for the year ended 31 August 2020 was €8.7m.


The overall transaction value for 100 per cent of Nomadic comprises (1) €26.1m of cash consideration (including existing Nomadic cash of €3.1m) on completion (Initial Consideration), subject to customary completion accounts adjustments, and (2) A further contingent deferred cash consideration of up to a maximum of €6m dependent on the financial performance of Nomadic for the period 1 January 2022 to 31 December 2022, inclusive (Deferred Consideration).  DIG has an 80 per cent interest in Nomadic with its share of the Initial Consideration being €20.9m and a further €4.8m being its potential share of the maximum contingent Deferred Consideration.


Commenting on the transaction, Mr. Ian Ireland, Managing Director of DIG stated “Nomadic has achieved significant development and growth under DIG’s ownership from what were small beginnings to a business today that is a meaningful player in the UK and Irish dairy yogurt and related goods space.  We would like to thank Alan Cunningham, Managing Director of Nomadic and all Nomadic employees for their commitment to the business during our period of ownership and wish them and the new owners continued success in the next stage of Nomadic’s development”.


Following completion today of the sale of Nomadic, DIG’s remaining business comprises its seed potato business, IPM Potato Group.  It is intended that proceeds from the sale of Nomadic will be returned to DIG shareholders and as before DIG will look to do this in as efficient and effective manner as possible for shareholders.





Mr. Padraic Lenehan

Finance Director

Donegal Investment Group

Tel: 0749121766


Anthony Farrell

Davy Corporate Finance

Tel: + 353 1 679 6363