Bellingham Capital has agreed a deal to buy Independent Irish Health Foods (IIHF), which owns the True Natural Goodness brand.

IIHF is a distributor and wholesaler of health foods and related products to over 1,000 customers across the island of Ireland and continental Europe.

The company, which is headquartered in Ballyvourney in Co Cork, had a turnover of €25m last year and has a workforce of 89.

Set up in 2008, it offers over 10,000 different health food products to its international customer base and these products include leading vegetarian, vegan, organic, free-from and fair-trade brands sourced from highly rated suppliers across the globe.

Under the terms of the deal, the day-to-day operations of IIHF will continue as normal and the company's co-founders Richard Wilkins and Henry Bartlett will stay with the business to support it in consultancy roles.

Part of the Bellingham Group established by Mark Goodman and headquartered in Castlebellingham in Co Louth, Bellingham Capital is a food investment fund founded in 2021.

The Bellingham Group operates across the farming, hospitality and retail food distribution sectors and its companies employ 230 people. Bellingham Group companies currently have a combined turnover of €80m.

Mark Goodman, founder and CEO of Bellingham Capital, said today's deal is the company's second in the healthy and sustainable food space.

"Our intention is to have a collaborative partnership with the team at IIHF and to continue to build upon the great work they have been doing, while also helping to further develop and expand the company in a positive way," he added.

Bellingham Capital acquired National Organic Products Ltd, owner of the Bunalun brand, last year.