Ireland-based food investment group Biavest has acquired 80% of German pasta company Riesa Nudeln.
Financial details of the deal were not disclosed.
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The company’s Riesa brand is sold through German retailers including Aldi, Lidl, Edeka and Rewe. Products are also sold directly to consumers on its website.
The company, with annual revenues of more than €40m ($42m), employs 150 people and operates a manufacturing facility in the same town where it is headquartered, in Riesa in eastern Germany.
As part of its growth strategy, Riesa Nudeln is completing a €4m new production line for its flagship pasta specialty, spätzle.
The company’s current investment programme will see it double its production capacity to 50,000 tonnes of pasta.
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By GlobalDataIn a statement, Biavest said the acquisition is 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”.
It added: “This investment will further enhance capacity and facilitate expansion into new markets, generating an estimated €15m in additional annual revenues.”
Andre Freidler and Olivier Freidler, who own the German food company Alb-Gold, acquired Riesa Nudeln in 1993. They will retain a 20% stake in the business and will “continue to be involved” in the business as advisors.
André Freidler 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.”
Riesa Nudeln will continue to be led by CEO Mike Hennig.
The deal is BiaVest’s first acquisition in continental Europe and its fourth investment in two years. The investor was set up in 2021 by former Aryzta executive Hilliard Lombard and David McKernan, who worked for coffee group Java Republic for more than 25 years.
Lombard 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.“
BiaVest’s portfolio consists of the UK and Irish convenience snacking brand Nomadic, doughnut brand Offbeat Donuts, and ‘better for you’ food brand Nobó.
Under the terms of the deal, Lombard and BiaVest CFO Warren Codd will join the Riesa Nudeln board.
